What you get the money for from your lender based off your qualifications like credit and loan to value ratio, with no cost would be called "par" rate... and from there, you can either buy down to get a lower rate, or you can take a higher rate to get a credit applied to the cost of your loan by the lender.A par rate is simply the rate that you get without having to buy the rate down while also getting no lender credit.

Alternatively, you can use a DSCR loan, which only looks at your credit and the property qualification itself.Happy to help further.

Ross, it all depends on your qualifications.  

The inclusion of additional units could potentially increase my qualification for higher-priced homes, contingent on the rental income they generate. 

Let's also assume you have the credit qualifications, you're going to have an equity issue in that you bought 10% above market (roughly) and even if you did it owner occupied in your refinance, you are still above 100% LTV so, you are limited even further with your exit strategy. 

As of now, I have saved up enough money for a down payment on a fha loan, and my income is expected to meet the loan qualification criteria soon (with my parent co-signing due to my limited income history).

I am a W-2 employee.Would this meet the qualifications for the 750 hours for REPS?

Nobody wants to be subjected to bickering on an educational forum.If the Financial Planning Association gets its legislation passed on title protection you won't be able to call yourself a financial planner anymore, you don't have the bare minimum qualifications of education or experience. 

The rest of the documentation and underwriting will be based on the asset, but it’s important to remember that qualification isn’t 100% based on the property.

The involvement of onsite management, often seen as a potential red flag, can lead to the property failing crucial qualification tests.