And you won't have a balloon in 2 years either, even if you could that might not be enough time to cure your qualification problems.If these matters apply, sounds like they do, consider a lease for 3 years or more.I say, in this case more because it's non-owner occupied and the seller has no exemption on the sale (but he will have more depreciation to reclaim) and there is no mortgage with due on sale issues.

The only difference is the experience and qualifications of the person doing it and their ability to "replicate" what goes on in the mind of a typical buyer.Tax Assessments generally do a similar analysis using the cost approach.

The DTI and credit qualifications aren't going to be very different.

FinancingReviewing Rental Property Financials - Most Common Items I've seencommercial and portfolio lenders use a different methodology to determine your qualification.

Matthew,Lenders use 75% of rental income towards your qualification regardless if you have 2 years of landlord experience.

I am looking for a partner/mentor.My qualifications:1.

Aaron has part of that right on paying off credit cards, but even with a zero balance your average balance will be seen as a debt for qualification purposes, you need to close the account to avoid this.

Well, most anything can be made better, but your ad should work.I agree with Bill S. don't give out qualification requirements until the time of application.I found you get the most flak from those that can't qualify or know they can't live there, just a bit of resentment.An ad is to get inquiries, the more info you give the fewer calls you might get, since the information is given.

Now, if you mortgage broker is finding you products from tier II lenders, then you will get a larger mortgage (though technically you still need to qualify at the BoC 5yr posted rate w/ a 25yr amortization) as they have more appetite for risk ... you will also pay for that appetite 4.5 - 7% If you can produce signed leases and tenant estoppels for the property you are purchasing, most of the banks will count 50% of the rental revenue in addition to your earned income {some use to count up to 70%, but most have pulled back} for qualification.

Leave the number you use for postings at the property, and record a voicemail that clearly lays out your qualifications to avoid wasting your time.