Youll often need cash reserves and to be able to document a two-year history of receiving rental income. We currently require three months reserves in these cases. Borrowers may also need to have cash reserves if theyre more than 12 months removed from converting a primary residence into a rental property.
Talk with lenders about their policies and guidelines. Compensating Factors. Borrowers may be able to strengthen their loan file with compensating factors. These can vary by lender, loan type and other factors, personal loans prescott valley az theyre generally positive attributes that can help convince underwriters youre a safe bet.
For example, lenders may be willing to extend their cap on debt-to-income ratio for borrowers with one or more compensating factors. At Veterans United, we currently consider having four months of reserves after closing as personal loan to businessman compensating factor.
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