fha mortgage quicken not accepting income from a property in Spain as part of my income

[Anonymous]

I am applying for my first home. I work full time however my income from my job doesnt meet the income requirement. I have a property that I inhereted from my father and have been recieving $70,000 a year renting out two land properties. I have more than $100,000 in the bank. $9,000 credit card debt. Car paid for. School loan paid for. They said they cannot accept the $70,000 I have been recieving per year for ten years. I have bank statements bank of america where the money is put in and I pay taxes for the income every year. I have lease agreement, tax documents, I have the deed in my name. My father paid for the property completely. I gave them all the documents. Before I applied for the loan I told them my predicament and they said itll be approved however underwriting diidnt accept it. I also recently graduated from college. Can anyone give me any advice? I am so new to this whole mortgage thing. I have to admit its quite overehelming. Any response would be appreciated. My credit score is 760. I am putting 10 percent down payment. The house is $185,000. Part of the $70,000 is given to my uncle who has medical issues and allowance. I get about $35,000 for myself but i didnt tell them that. thank you in advance for any response. I am gonna try another lender but I get this one last chance or else ill lose the house I want. 

[Anonymous]

I dunno much, but I'm thining money from a offshore rental is gonna have all kinds of red flags, and 70k ain't exactly chicken scratch.  But there is prolly a agency somewhere around that will take it on, so keep looking around.

[Anonymous]

I talked to my realtor and he recommended a close friend of his, she's a mortgage loan originator.I sent her the documents and she said not to worry about it. It looks like everything is fine...... but that's what quicken said too until I got that phone call. Thank you for your reply.

[CH-7-Mission-Accomplished]

Do you show the $70,000 in income on your schedule E on your tax returns and then deduct rental expenses?  So does your 1040 tax return show W-2 earnings for your regular wages and then income from "rents, royalties" as listed on schedule E?

If you have at least two years of tax returns showing the income, signed rental agreement and other documentation, I can't think of any reason they would not count the income.  Is it supported on tax returns and verifiable through transcripts with the IRS?

[Anonymous]

Yeah it is listed on schedule e. And my normal job is filed also. I have an accountant and asked her to look it over and she said everythjng is filed correctly. My realtor told me that quicken is very conservative when it comes to their underwriting. I have decided to go with a small lender that my realtor knows as she is willing to push it through. She said she has passed loans in worst situations.  I sent her all the documents and she thinks quicken was just being unreasonable. The risk of me not paying back the loan is very small. I understand I work at a grocery store and dont make that much money cause I havent found a good job yet since I just graduated. im also paying off most of my credit cards maybe it will help my income to debt ratio.thank you for the reply

[StartingOver10]

---

@Anonymous wrote:

Yeah it is listed on schedule e. And my normal job is filed also. I have an accountant and asked her to look it over and she said everythjng is filed correctly. My realtor told me that quicken is very conservative when it comes to their underwriting. I have decided to go with a small lender that my realtor knows as she is willing to push it through. She said she has passed loans in worst situations.  I sent her all the documents and she thinks quicken was just being unreasonable. The risk of me not paying back the loan is very small. I understand I work at a grocery store and dont make that much money cause I havent found a good job yet since I just graduated. im also paying off most of my credit cards maybe it will help my income to debt ratio.thank you for the reply

---

Quicken doesn't do anything difficult at all. They want easy loans. W2 type.  I like their ads but other than that they aren't (in my opinion) good for many borrowers especially if you have self employment type income.

Your Realtor was wise to guide you to a lender that can handle your specific situation.

[Anonymous]

Update: I found a small loan brokerage that is willing to give me a loan. Fingers crossed I can close the house in three weeks. The manager assures me that it will go through. Im excited because my new employment will be walking distance from my house. Thank you for all your replies.....

[Anonymous]

I agree about quicken, they were very professional. Everything was great but because of my situation we weren't a perfect fit. I understand their point of view. If I had a simple loan I am sure it would have gone through easily.