FHA Fair Market Rent

[Larry Long]

Trying to buy a 3-unit building using FHA loan. I qualify for the property using just my income, no rental income. The underwriter is still requiring that we have a fair market rent evaluation done and the rent numbers that the appraiser came up with aren't adding up to the mortgage payment. Not understanding why I need that if I qualify with just my income. Anyone run into this problem? Supposed to close tomorrow.