Sunday, January 15, 2012

What is the FHA way to calculate rental income?

Rule of thumb is 75%. Unless she has a valid lease, use the same rent that the 2 units bring in. Add the 3, take 75% & see if it is negative or positive in relation to the payment. If negative it will be counted against her as a debt. Don't be surprised if they as for tax returns to look at the real estate schedule.

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