If you have any century21 agents, please refer them to me..I am also a Loan Officer, I specialize or niche in sub-prime financing.. which is one step above hard money, but one step below conforming or A-paper lending(perfect Credit).example: we can get investor loans funded with as low as a mid 500 fico..now if your strategy is to flip houses, then subprime financing is not for you.. stick with hard money.. however if your strategy is to have income or rental properties, then subprime finacing will benefit you especially those holding their properties to gain long term equity. average rates are between 8 - 10% depending on credit.

With a 605 credit score and it sounds like slow pays on at least one trade line you may not be able to qualify for a conforming loan.

Back then ('89) the conforming loan minimum was $30K so any loan for less was loaded up with extra points, junk fees etc, and it required 20% down.

In order to be "more conforming" those non-conforming programs are migrating towards Fannie Mae requirements.Fannie Mae's Desktop Underwriter is a computerized underwriting system.

of course they set the standards for many other lenders and set the conformity for loan applications.

Only if they try to get a conforming loan on it.

Mark the box indicating whether it is Legal, Legal Non-Conforming (Grandfathered Use), No Zoning, or Illegal Use.

If the former, it may be difficult, you'd just pick up the updates code book, and anything that's non conforming would fit the bill.

So I guess what I am saying is this section of the code is out-dated and I would not worry about conforming with it.

If its single family, neither, you put them in your name unless you are worth a few hundred million and are worried about the liability.They don't give conforming mortgages to LLCs or S corp, they give them to individuals, which allows you to lock in the low rates still available for 30 years.After you have 10 mortgages, you will have to do something else going forward on financing, but for single family just buy a good umbrella policy.Multi-Family is a different game completelyandy