By Andrew P. Napolitano
The president's men trash the Constitution to pursue antagonists
Independent voices from the TWT Communities
Media reports of the difficulty of obtaining a mortgage may have left a lot of consumers wary of lenders, but mortgage brokers and bankers say they have money to lend and can help most borrowers obtain a loan.
"In general, 75 percent of the rental income can be counted towards the debt on the home, which includes the principal, interest, taxes and insurance as well as the homeowners association or condominium fees," Mr. Benner says.
Douglas Benner, a senior loan officer with Embrace Loans in Rockville, says Fannie Mae and Freddie Mac require a minimum of 30 percent equity in the property that is to be rented for the homeowners to have rent payments count as income, while FHA loans require 25 percent equity.