I am looking to finish a room above a garage on my first rental. Flooring, drywall, insulation, electric, and HVAC will be needed. I am not making it a bedroom, just an extra room for an office or whatever the renter ...

Don't include the income that you'd be hoping to get out of the HELOC.If the answer is yes, then that means your DTI should not be unduly affected.Then, the added income from wisely investing your HELOC would be the bonus!

You will not be able to use bonuses, or commissions for the first 2 years, same if you are paid on a 1099 basis. 

Both rented and positive cash flow.Subject Property:  Traditional detached SF property in NJPurchase amt 410k10% down (don't have funds to do 20% unfortunately)While I am confident in my mtge guy, for prudent measure I wanted to check w/ the BP community to confirm the following..Freddie:  'My income is too high' (Can certainly give figures, but not sure how to break it down.. 2017 salary + bonus; Rental income, 2018 salary formally approved and documented, but not effective until July; and 2018 bonus (which I have received already)FNMA:  'To get a second FNMA mtge, I need to put down 20%' (which I would like to do, but cannot come up with an extra 41k)FHA:  'My only option' (with the 1.75% upfront PMI and monthly PMI for life of the loan). 

Bonus is I'm currently going through 2 months of training an hour away from my house, but only 25 minutes from the couch I'm crashing on.

Without going too deep into my personal situation I’m active duty in the Military and I’m about to re-enlist and fortunately for me I can receive a bonus.

We give our agents bonuses.

Without going too deep into my personal situation I’m active duty in the Military and I’m about to re-enlist and fortunately for me I can receive a bonus.

We set aside all extra pays: combat, hostile fire, tax free, bonus payments...everything extra...as down payments for our rentals. 

We consulted a structural engineer about an issue in our home... so I've got a number to call in my pocket... bonus!