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10-13-2010, 10:13 AM
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Mortgage broker says I can't rent out my house!?
I just applied for a mortgage loan. My broker says I cannot rent out my existing home because I don't qualify to carry 2 mortgages to be approved. I told her we were going to rent it and and it will be more income. She says I don't have landlord experience and so I cannot do that. Will have to sell the house to qualify for the loan. Is this true? Also, should I just go directly through the bank in lieu of going through a mortgage broker?
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10-13-2010, 01:05 PM
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You have to show rental income for 2 years on your income tax returns before it is counted. This is 100% true, you can not count income before you can prove you can get it.
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