01-30-2013 02:49 PM - edited 01-30-2013 03:07 PM
We are looking to purchase our first home and I have a question regarding the calculation of the Income and the NetWorth for the mortgage loan purpouses.
- We have a commercial rental property outside of US.
- We recieve rental income from this property
- This property and the income is disclosed in our Federal taxes and the income tax is paid on the rental income.
-- Will this rental income be included in the calculation of our gross income?
-- Will the rental asset be included in the calculation of the networth?
Thanks for your time.