If you show rental income or expenses on a Schedule E for that property, then the lender will consider the property a
non-owner occupied
property, and will require you to get a non-owner occupied loan, also known as an investment loan.
The term "non-owner occupied" is applied to a single-family home that is rented to tenants. The description is important from a mortgage standpoint, because lenders perceive a non-owner occupied property mortgage as being more risky than an owner-occupied property mortgage.
If get a free, online mortgage quotes, visit the Bills.com Free Mortgage Quote page.
I hope this information helps you Find. Learn & Save.
Best,
Bill
www.bills.com/
Santa Clarita, CA | May 03, 2011
May 03, 2011
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