kay008

Sounds like the op is not paying any taxes: "all my income". I'm not a cpa but I'm pretty sure you have to claim income from rentals. If not, I have been getting ripped off by Uncle Sam for years. I still file taxes on my rental but I have deductions that makes my tax liability $0.

I plan to use Navy Federal or Penfed. How much of the rental income will the bank use? I charge $1350 for rent PER MONTH I pay PM $135 PER MONTH I pay mortgage of $700 PER MONTH How much of the remaining $515 will the bank document as income? The rental is valued at $184k with mortgage of $138k. Thanks for the help!

I don't plan to purchase a home for 2 years but I want to make sure I have all my ducks in a row. Currently, all my income is nontaxable. This is VA disability, child support and rental income. Will this be acceptable income for a mortgage if I will receive all income for at least 8 years? What documents will I need besides bank statements? I would like to buy a home with a purchase price of 250k? Can I qualify for a 250k mortgage? Details Income in that time frame 5k Rental income is 500 excess which is included in the 5k Credit Scores EX 720 EQ 689 Trans 701 Property taxes would be around $3500-$4000 *** I qualify for homestead or VA exemption on property taxes of $1200 refund from property taxes*** Homeowners insurance between $800-$1000 No PMI since VA loan.