ISSUE:
How do you make sure your rental income for PURCHASE or Refinance will be accepted by DU/AUS?
SOLUTION:
OPTION 1: Subject Property with Rental Income
Start in the 1003, Loan & Property Tab:
1.) Even if the property is a Primary residence, you must select "Investment" in order to show the Rental Income Tab.
2.) Enter the Rental Income under 'Expected Monthly Rental Income'
OPTION 2: REO Property with Rental Income
Start in the 1003, Real Estate Tab:
For Properties being retained as Investment and generating income to be included on DU
1.) Select the Usage Type: Investment, Primary or Second Home.
2.) Select Status: "Retain" if borrower is keeping the property
3.) Select Intended Occupancy: as "Investment"
4.) Enter the Monthly Rental and Net Monthly Rental Income
Desktop Underwriting Results (DU - AUS)
When running DU, the income will show on Line 38 of DU results for Income.