Difficulty of getting a loan in Morgantown WV

[Chelsey Hamill]

Hello lenders of BP! I need your advice, and please don't sugar coat things. If you don't think I could qualify for a loan under my current circumstances, let me hear it.

I want to contact a mortgage broker to get preapproved for a loan but I don't know if my earned income, as well as other factors would allow me to qualify. I am a server at a restaurant and haven't really read a lot about people starting out investing on this type of income.

I want to invest in a multifamily with my boyfriend in my area. I'm aiming for a low down payment (3.5%) fha, owner occupancy loan. I don't have a property in mind, but I would like to know if I could even qualify before doing the hard work of finding something and then getting a big denial.

I've served and worked in restaurants for 3 years and same goes for my boyfriend (A little over 1 year at our current employer). He is also in the military.

Me:  2014 w-2 income: $12,100.                             2015 w-2 income: $15,100.

Him: 2014: $23,000.  (Server & military)                    2015: $20,000.  (Server & military)

I have $4k in savings. Not sure if I need to include expenses, but just in case.. I pay $85 for phone, $75 for auto insurance. no loans. We split our $820 rent 50/50. 

He has $500 in savings. Monthly he pays $260 for car payment, $50 for health insurance, $125 for phone, $75 for student loans. 

My credit score: 740                            His credit score: 670

Questions

-For the type of loan we want, can you count the income from the potential rentals as income. I know they would have to actually be rented out in order for that to work.

-When servers get a loan for a car they don't go by your W-2 income, because they know servers generally make a lot more money than they claim on their taxes. Is it the same for a mortgage? Because I really make closer to $20k a year, and my boyfriend makes even more.. (Please no lectures on the laws of claiming tips. You won't find a server that voluntarily claims 100% if its not required by management)

-Does getting property management training help when getting a loan, or is that only for properties that are 5+ units?

I think now you are required to have 6 months worth of payments set aside in savings for a property. We have someone willing to lend us some money for this and a down payment.

As of now, how do you think we stand? Maybe an idea of how much we can get approved for. Also, tell me anything we could do to improve our chances. If you say get a job with more income, feel free to say it, I won't cry haha. And last but most importantly, let me know if I seem misinformed about anything I've said.

As always, thanks in advanced!