Funding during COVID for 1099 MISC income

[Peter Eberhardt]

Hey all, 

I am looking to see if anyone has anymore info about utilizing 1099 income for acquiring a conventional loan on an investment property.  According to this this article, I should still be able to use my 1099 income as "qualifiable income" and help offset my debt to income ratio. However, in talking to 1 corporate lender and 2 credit unions today I got the answer of 1099 income will not be able to be used under any circumstance during the pandemic. I have almost 4 years of steady history up to this day, but I have never established a business for myself and I don't have any audited P&L statements.  According to Fannie Mae COVID selling guide (numbers 18, 19, and 21 specifically) I read it as long as my 1099 income is on my taxes (which it is) and I have a YTD P&L sheet (I don't have this, but it looks like I need to go back and create one and get it audited) and have the regular deposits reflected in my bank account, I should be good to go. Should I just keep trying more institutions?  

(side note, I do have steady W2 but the 1099 income will raise my buying power significantly and help my DtI ratio)

Also, how do investors overcome running into roadblocks down the road with getting multiple properties financed? Do they simply make sure that 75% of the incoming rent will cover 100% of the mortgage, taxes, and insurance so that will effetely "cancel out" the loan on the borrowers file?  Or do they make relations with certain lenders early on in their investing career so that when their income becomes a limitation, they can still get a loan because of their proven track record for investing properly? 

Thanks in advance for y'alls help. I am so close in figuring out how much of a rental property I will be able to get financed and get this ball rolling! 

Also side question,