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My son and daughter in law live with me and pay rent. It's cash, but I'd like to show that income to purchase a second home. Does it count as income?

by justin_77903 from Mora, Louisiana. Oct 12th 2016 Reply


William J Acres (William_Acres)
#1 ranked lender in Arizona - 7,466 contributions

The only way you would be able to use those funds as income, would be if you claim it on your tax returns.. and more than likely, the lender would require it for 2 years to be considered.. This was a huge area for loan fraud if you go back 8 to 10 years.. so, guidelines are much more strict when it comes to qualifying income. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

Oct 13th 2016
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,279 contributions

Only if you show it on your tax returns on Schedule E as rental income.

Oct 13th 2016
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Charles Parharm (charles@callthemax.com)
#36 ranked lender in Louisiana - 4 contributions

Unfortunately, you can only use this as income if you can show you have been receiving it for 2 year and you are reporting it on your income tax return. in some cases, lenders even require you to show proof of monthly deposits and require the deposits have been made by check or money order as proof positive you are actually receiving the rent payments.If there is anything I can do for you or any of your family members or family, please feel free to contact me at 504-313-2326 or visit my website at www.CallTheMax.com.

Oct 16th 2016
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