Income documents
Underwriting may request Schedule E, complete tax returns, current leases, and evidence of deposits or market rent, depending on the property history and program.
Investor Education
Buying another rental property? Prepare the paperwork.
Using rental income to qualify means documenting both the income and the expenses. The more properties you own, the more complete the file needs to be.
Property expenses
Gather mortgage statements, tax bills, insurance policies, and HOA statements for each financed property.
Vacancy and calculation rules
A lender may apply a vacancy factor and account for principal, interest, taxes, insurance, HOA dues, and other expenses. A signed lease is not always the final usable-income number.
Get your ducks in a row
Organize each property's documents separately before applying. Your underwriter and your stress level will both appreciate it.
Written by Marta Lillard
25+ years of mortgage experience, explained in plain English.
Mortgage Broker · First Coast Mortgage Funding · NMLS #879436 · Licensed in Florida and Georgia
Questions about your options?