Home Purchase Mortgage Calculators
Mortgage Program Calculators
If you want rental income from a vacation property, or any second home / investment property, to be factored into your mortgage application then you need to provide documentation for that rental income. Lenders typically require that you provide a Schedule E from your tax returns that verifies any rental income you receive. Although it is very uncommon, some lenders may accept cancelled checks or lease agreements as evidence of rental income. We provide a comprehensive overview of non-owner occupied mortgages on FREEandCLEAR.
Also, having your mother pay for the property taxes and removing the tax payment from your monthly bill will not lower your monthly debt from the lender's perspective. Lenders will include total monthly housing expense from your vacation home including your mortgage payment, property taxes and homeowners insurance as part of your monthly debt because ultimately you are legally responsible for those items even if someone else pays one of those bills.