We are being told that we must rent out the other house for just at the morgage price and no more is this true or are they trying to get over on us about the extra rent we could make on the rental price of the house?
2007-10-09 14:51:21 · 4 answers · asked by .phantom47 1 in Business & Finance ➔ Renting & Real Estate
'They' do not have that kind of say so.
You need more from it then that as there is taxes and insurance and repairs.
2007-10-09 14:56:14 · answer #1 · answered by Rev. Deb 4 · 0⤊ 0⤋
I think you're misunderstanding the lender. They want to see enough income to cover that mortgage payment on the other place. Therefore they want to see at least as much rent as the mortgage payment is. More would be better, of course, for you and for them.
If they insist that you only rent it out for the mortgage payment and no more, something is fishy. They're either pulling a fast one somewhere or your loan officer/broker is an idiot. In either case, find another lender!
2007-10-09 22:15:05 · answer #2 · answered by Bostonian In MO 7 · 0⤊ 0⤋
Something sounds odd about that one. Does you Loan officer want to rent it??
A lender would want to see as much income from you as you can legally get. You are entitled and should get fair market rent atleast for your place.
Are you on the verge of making too much money for eligibility of a particular program?
Doesn't make sense with the info you've provided. Get a second opinion.
2007-10-10 00:39:28 · answer #3 · answered by Anonymous · 0⤊ 0⤋
They might not be trying to get over on you, but you should find someone that does not have that stipulation. There are millions of lenders, no reason to ponder to long.
landstonegsl@yahoo.com
2007-10-09 23:22:38 · answer #4 · answered by JoshuaCaleb 1 · 0⤊ 0⤋