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Using Rental Income to Help Qualify for Purchase; Market Rent

Buyers can use future rents to help qualify for purchases whether they are buying single family or two, three or four unit properties.

* Borrowers can use the market rents, and not actual rents, for income in most cases.

* Borrowers buying a 2 to 4 unit property as owner-occupants can use the market rents from the non-occupied units.

* Borrowers cannot use income from “un-permitted” units.

* If buying a single family residence as an investment, buyers, needing to use rent for income, must show a rental agreement, a canceled rent check, and proof the rent check has been deposited into the buyer’s account.

Jay Voorhees
Founder/Broker | JVM Lending
(855) 855-4491 | DRE# 01524255, NMLS# 335646