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If the borrower is able to document (per the table below) that the rental property was not in service the previous tax year, or was in service for only a portion of the previous tax year, the lender may determine qualifying rental income by using Schedule E income and expenses, and annualizing the income (or loss) calculation; or
A: No. Under the rules established by Fannie Mae and Freddie Mac after the financial crisis, rental income can be included in qualifying income only as documented in the owner's tax return for at least one year.irst-time homebuyers strapped for income have often looked to generate some rental income from the house they plan to purchase that will help them qualify for the mortgage. A common question: Q: I am looking to buy a property that I will occupy part of the year.