You can add a rental income to any property on your application.
Adding rental income
In the Property or Mortgaged Property window, select "Tenanted" or "To Be Rented" via the Occupancy drop-down list.
Enter the rent amount under Monthly Rental Income.
Adding a rental policy
Under the Rental Policy drop-down list, select "Add-back" or "Offset".
Enter the percentage of rent income to Add-back or to Offset.
Note: To understand how the rental policies affect the debt service ratios, click here.
Multi-unit Property
If the applicant has multiple units on a single property, the user can capture the rental income per unit.
Note: The following steps can also be applied to the subject property via the Mortgaged Property window.
In the Property window, click on ADD UNIT.
Select the Occupancy for each unit.
If the Occupancy is "Tenanted" or "To Be Rented", enter the monthly rental income.
The Rental Policy is applied to all the units within the property.
