exiting property Archives - Mortgage Currentcy

Fannie/Freddie – Using Rental Income on Exiting Property

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 [...]

Fannie Mae and Freddie Mac – Rental Income – Exiting Property: My client is moving to another state and needs the rental income on his exiting property. Will either agency accept rental income on an existing primary residence when there is no lease in place? [Rental Income Requirements Chart]

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 [...]