bank financing for a rental

If I were to go to a bank and apply for a loan for a rental property would it help my chances of getting approved if I bring in copies of rent receipts for the past year or so since I have poor credit (576) and not a lot of $ in the bank at the moment (~1k)

I work in the bank. As long as you can meet the bank’s guideline, they can provide a loan. For a rental property, it normally requires more down payment. If you have the down payment, your income is qualify, then you should have a chance.


You can use leases to offset the mortgage payments on your rental properties with most loan programs. The lender wil typically use 75% of the gross rents as income. Watch out, however, because the lender may ask for tax returns instead of leases, so if you write a lot off or depreciate the properties, your rental income will not help you.

That’s ture. Sometimes lender requires tax returns. But sometimes, the depreciation can be added to income.