Looking to understand the qualifications and how long the process takes.

Spouse may qualify for VA loan, but generally shouldn't have changed his bank loan opportunity, as those are generally filed jointly.Generally PD application, or rather loan qualification based upon PD application is only after you are sworn in, and not any step before it.You will have to prove to the bank that you will have continued income to pay off the debt.

All those factors effect the tax implications and loan qualification process.

Since it appears your tenant cannot achieve this, they would not qualify for this aspect of the program.If you need further information on what your tenant wishes to do you can always contact your local Housing Authority and ask to speak with your tenants caseworker regarding the qualifications for this.Gail

@Jay Hinrichs suggests the 3 C'sCollateralCharacter of the borrowerCapacity to repay.If you feel they meet these qualifications and your state does not prohibit the loan, then maybe.

It would not be too defensive about this but get a loan Pre-qualification letter from a lender and have it state how long it will take to make a closing and a maximum amount. 

Sam Craven past 180 days is not illegal in Texas there are just additional qualifications.

your statement was correct pre 08 but not post 08.In many ways with many HML getting a loan will require the exact same qualifications as getting a loan from a bank.. tax returns credit income and experince.. the place for the HML is simply banks DO NOT do rehab loans.. so this has allowed the HML to firm up the requirements.

Then once it has past the qualification time period, convert it over to an investment property and do the same thing over and over again.  

Are there any qualifications that they do need, such as being licensed in the city, or having insurance?