You can qualify for another Fannie Mae loan with 5% down, as long as you meet lender criteria, including debt-to-income ratio and credit score.

Let me break it down for you:Why Bay City is catching my eye: Incredibly Affordable Entry: Average home prices around $70,000-$80,000.

Hes incredible  

If it helps, 800 credit score and theoretically could build for cash...but cash is earning more and doesnt want to tie up the liquidity.

What documents do they require, what credit scores do they allow, how do they verify previous rental history, etc.?

Even one 4-star review can significantly impact your score when you're just starting out.Keep in mind...pricing & photos are the two most important things to guests as they book - make sure you have them right from the start.

The interest rates on these loans from the programs are usually at a much higher rate as they do not qualify people based upon a credit score.  

If you stay at 60% or below of your homes, you can get into the 5s pretty easily with a point or two, even with credit scores as low as 680. 

As long as you mom can qualify on her own (with her credit score), I don't think adding you to the loan application would hurt even though your score is not good (but I would still double check that).

You express a lot of the sentiments I have as well.Yes, it is an incredible deal.