Thanks @Jenkins Ramon .Some of the other important qualifications were that it has to be a foreclosure and the units are restricted to tenants with incomes under specified thresholds.

That fails my 5-minute qualification so hard!.

I took an online LMO exam, got a 94 and missed on some new disclosures and there were no questions concerning these qualification matters.

If the investor on your loan participates in HAFA, you would have automatically been asked to fill the additional HAFA qualification documents.

So if you had 1200 gross rent per month and you just signed the lease agreement we would count 75% of this or $900 and if PITIA (prin/int/tax/ins/***) is $550 then on paper for qualification purposes you would have + 350 in income.

If you're using the qualification letter only to show you're serious about your offer, you only need one, and it doesn't matter where it comes from.

@LEON GOUSMAN - Refi qualifications may differ there in New London, however when I refi a buyer here in Dallas TX he needs a 680 credit score, 45% Debt to income ratio or lower, & at least 6 months payments for each property owned in reserve.

It becomes thier duty to ensure the terms are in compliance considering the qualifications of the buyer/borrower and prudent, if not, the originator will need to modify the terms to meet the requirements.

So, getting started really means you must have income from some other source that you can use for the qualification process.So, you're really looking at private money (i.e., from someone you personally know) or hard money.

Are you getting a loan and provided a pre-qual? If