Question: If a client wants to rent out the property they are currently living in and needs to use that income in order to qualify for their new primary residence, how is this done? Answer: When converting a current primary residence to a rental / investment property, Fannie will allow you to use the positive […]
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Answer: Great question. This actually happens a lot. There really is no real specific guidance in the selling guides for Fannie Mae (and Freddie Mac is more restrictive) other than to state that the income could be used as long as the lender provides justification to use the income. They leave it to the lender […]
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