If you own rental properties, it’s very important to file a Schedule E with your personal tax returns. This reports the income or loss generated from your rental. This will help show proof that you have experience renting properties. Lenders typically like to see a two year history. Keep current rental contracts on file just in case the lender wants to see them. If you are renting out a home/condo and not reporting the rent on a Schedule E, then the lender cannot give you credit for the income to offset the debt you may show on your credit report, thus making it harder to qualify. For more information on this topic, buy the book that is loaded with tips and tricks that will make or break your loan, Makers & Breakers: A Simple Guide to a Successful Mortgage Loan. It can be found at www.loanmanjeff.com or www.amazon.com. For more information about home loans, please call Jeff Eisenberg, President of Southern Oaks Mortgage, Inc. in Valencia at 661.964.2600.
Southern Oaks Mortgage, Inc. is a licensed Broker/Lender with
Dept. of Real Estate Lic#01458657, DRE (916) 222-0770
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