financing a loan

is it good to tell the lenders up front that you have tenants that will pay part of the mortgage? if not, why would it not?

Howdy Raidermarc:

Is it rental property you are financing? If you already have tenants the bank would love it. They will want to see a copy of the lease. Most will give you credit for 75% of the income to offset the mortgage payment. They figure 25% for vacancy and maintenance as a rule of thumb.

Ted,the property is a duplex. one unit for $800.00/mo. other unit $1325.00/mo. asking $500,000. in my loan application , I will tell the lender I have tenants lined up. whats your take? will it be easier to get the loan ?

Sure it will be easier, because you create income out of the property.

Howdy Raidermarc:

You typed $500,000 asking price for the duplex and total rents of $2125. Just a rough guess but your payments are going to be at least $3000 per month plus taxes and insurance. What is your motivation for losing that much every month . You will need substantial other income to support such a loss. Unless there is something wrong with the above numbers I would not afford this investment.

It depends. If you a working with a mortgage broker such s myself, Being totally upfront and honest is the best way to go. because that takes a big part on how we decide to structure the loan to work for you.
However if you are going to a bank directly then you should be very careful about the things you disclose. Most banks see things as balck or white and when you bring in some shade of grey it tends to scare them away.

Thats an expensive duplex, and I live in Southern California.

Why the huge difference between the two rents? Is one a 3 bedroom and the other a studio?