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I bought a townhome with an FHA loan 1 year ago. I want to lease the townhome I currently live in and buy a home nearby using a VA loan. Does the money I would get from the lease agreement on the townhome count as income to qualify for a loan through the VA? Thanks!!

Niicss · Posted: Mon Dec 29, 2008 4:56 am Post subject:

Hi Billy

As far as I know, in case of VA loan, the rent received from investment properties which is owned by the borrower may be used. But the rental income is subject to the proper documentation. Income from roommates, in a single-family property to be occupied as the borrower's primary residence is not accepted as an income. Moreover you should also note that the rental income is calculated by calculating 75% of the gross rents received minus any mortgage payments paid for the property.

Thanks.

Guest

Okay, I wasn't sure as the townhome is currently my primary residence, so I am not currently receiving rental income. Once I move to the other home, the townhouse would be leased. Thanks!

adonis · Posted: Mon Dec 29, 2008 11:05 pm Post subject:

Hi Billy Joe Bob,

You should also note that rental income will be considered if you can show two years of tax returns filed on that income. This is a major documentation that you will have to show the lender.

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VA Loan Income Question