@Ashley Sanchez:1) The pre-qualification you have with the lender isn't a big deal.

They typically are higher rate than banks, but their qualifications are lower and they might give you an option to acquire more properties quickly.

Something that I learned along the way is the financing of Multi-unit properties have different qualification for loans. ie: personal credit vs gross-income on property, depending on the number of units.  

Banks give Pre-Qualification letters based on a few docs and they are probably larger than your current institution.  

Also, anyone feel free to comment about their experiences with a blanket loan, I am curious about the process and qualifications for this type of loan.Here are the basics of the properties I found:$39K each, all are 2/2, 1,070SF, built in 1985 and across the way from a local collegeThank you,Chelsie See

I might squeak past the qualification requirements and I have a mortgage broker who wants to help me out, but realistically, it would be better to apply in 6-8 months when I'll be able to demonstrate a year of stable employment.

I would also get a pre-qualification letter from your lender.

Because the lending agent has run your numbers as is actually ready to fund your purchase.The Pre-Qualification Letter will state that the lender will fund a purchase of $xxk at a given rate for the property you've selected - - that's a loan approval for a specific property.Kind of catch-22; you need to disclose a property & price before you've made the offer.

Hello everyone!I would like to take an equity line out on my rental house to fund a down payment on another property.  I still have a balance on the first loan, but there is a ton of equity in the house.  My only inco...

Please also see the qualifications for obtaining a second FHA Mortgage. https://www.biggerpockets.com/blogs/5110/blog_post...