Sometimes you claimed a lot of repairs on your 2014 return but not your 2015 return so showing a 2015 return will allow your loan approval to be shown in the best light to an underwriter.Since its now 10.25.16 and we're 10 days past the corporate return filing period of extensions I would assume you have your 2015 returns.If the income is good you can use that income, if not there are ways to document the use of the other income method of 75% of gross - PITIA if you did substantial repairs to your properties upon purchase or if the tax returns were not an accurate depiction of actual income, whichever method is best from a qualification stand point.

The bank considers a portion of the income that you will make from the rental when calculating your base income for the purpose of front and back end qualification.  

There are numerous types and uses of property that qualify and it is up to you and your accountant to be comfortable with your treatment and intent for qualification of the property.  

Credit qualification of your borrower is also good in that it weeds out people with bad track record, but it's less critical to the process.

Regarding a loan, I am looking at a property based loan (don't have the taxable income to qualify for an investment loan), so B2R Lending (advertiser on this site) quoted me that, with no income/credit qualifications.  

Mark, we meet all your qualifications, have done 28 flips to date and 7 more working on currently, so Inwould qualify if I were in CO.Angela, you would be surprised at the people who sell at a steep discount for instance probates that are full authority no court confirmation needed, and the families just want to sell the property to pay off creditors, and then divide the money amongst the heirs.

It will save you some frustration.Last suggestion- Since you know what your maximum payment qualification, you should be able to run the numbers to determine your break even NOI.  

You must adhere to the rest of the USDA qualifications as well. 

Is a pre-qualification or pledge by a lender that funds are available at my disposal good enough for the "cash" identifier?

But the crazy American system of FICO and loan qualification requires you to have a SSN.I hope this helps.