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I’m considering buying a home and using some (or all of it) as a rental property, but I’ve never rented property to someone before as a landlord. Am I able to apply the expected rental income from the home I want to buy to my total income when getting pre-qualified? If not, how many years of “landlord experience” do I need in order to apply rental income toward my mortgage?

The answer to this question can be complicated and ultimately depends on the mortgage product. See below:

·         Fannie Mae (conventional): You do NOT need prior landlord experience to use 75% of lease.

·         Freddie Mac (conventional): You need 2 years of landlord experience to use 75% of lease.

·         FHA: You do NOT need prior landlord experience to use 75% of lease.

·         USDA: Not allowed.

·         VA: Not allowed.

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