Phil Simms is purchasing a rental property and his loan file contains an executed lease for the subject property of $1000 per month. The appraiser has provided a Comparable rent schedule with market rent of $900 per month. What is monthly income can be used to qualify the borrower for the loan after the vacancy factor?

notes:

Answer

Barry Sanders, a retirement age borrower has applied for a loan using his $1500 per month Social Security and $1000 per month Pension income. The Social Security is not taxable according to his most recent 1040s, while the Pension is taxed at a marginal rate of 10%. What is the maximum income allowed to be used in qualifying?

notes:

SS Income

Pension Income