If I have rental income, what will I need to provide to prove I receive it when considering mortgage qualifications??

With rental income we require the two most recent years of federal tax returns (showing a history of rental income on Schedule E), Signed lease/rental agreements, a recent mortgage statement (if applicable), and a tax and insurance bill to verify your rental income.

We’ll use rental income from your Schedule E deducting reported expenses, but adding back in depreciation. Depreciation does not count against your rental income.

In some cases, if you have owned the rental property for less than 2 years, we can still use some rental income and we will let you know what would be required for documentation.