Under Contract on First Buy and Hold Rental

[William Ford]

This home is a 3/2 ranch on a slab that is on a hill. The neighborhood is established and the house was built in 1984. There is no HOA, thank goodness, and we are currently past our due diligence period and are in financing. However, my lender I went into financing has thrown us through a loop.

Because I just started a new job and am in sales, they are requiring that I have a lease SIGNED with a tenant and the first months rent check be deposited into my bank account. This is a fannie mae 30 year conventional loan at 4.5% with no points on the loan. I would have been at 3.5% had this not been an investment property. They will not use my commission earning from my new job until I have had the job for two years.

Is there a way around this? I have thought about getting creative and renting it to a friend and guaranteeing the rent myself, but is it even legal to sign a lease for a home i don't own yet?

Any advice is greatly appreciated!