Counting Rental Income on New Mortgage

Just like with many aspects in mortgage lending, the way an Arizona lender calculates and includes rental income on a new loan application for properties a borrower already owns has changed based on a new rule issued by mortgage giant Fannie Mae.  You may think that including rental income from existing rental properties owned by a borrower on a mortgage application is as simple as plugging in an amount equal to how much rent a borrower receives for a particular property based on a lease … [Read more...]