@Collin Smith In the lending world there are basically 2 types of loans for these properties - "Conforming" loans or "Portfolio" Loans.A "Conforming" loan is a loan governed by Fannie Mae and Freddie Mac (if you recognize those names).

there is a program called ankidroid.it allows you to make flash card questions across mobile and desktop devices,go through all your chapter's and create the questions and answers then simply use the program

The market wouldn't offer those loans without government support, in the form of Freddie Mac and Fannie Mae that buy the bulk of those loans.   

@Kelly Bellini usually if you go with an off balance sheet loan product through Fannie Mae Freddie Mac, they will have seasoning requirements like that (I think it's 6 months, but not sure). 

A "Conforming" loan is a loan governed by Fannie Mae and Freddie Mac (if you recognize those names).

(Fewer devices = less confusing = better) If you’ve got good internet all you need is that and a Netflix subscription (I️ also include Amazon Prime and HBO Now because I️ have those services anyway for personal use).

She stated that she screwed up, and is terribly sorry, and not sure how this happened or how it was not caught by anyone....but that the loan product (Freddie Mac home possible) that they are using...went through everyone, passed underwriting, and then was selected for quality control and was noted that one of the home possible policies stipulates that: Ownership of other residential property The Borrower must not have an ownership interest in any other residential property as of the Note Date, or the Effective Date of Permanent Financing for Construction Conversion and Renovation Mortgages, except as stated below.

HI Roxanne,It is true you need to be in the business for 2 years but no one talks about the details about how that is documented which is either by:- Looking up CA BRE website consumer licensee information which will show how long you've been licensed- CPA letter to sign/date on you being self employed for 2 + years or 5+ years if you're using Freddie Mac's program since Freddie specifically wants 5+ years to use 1 year tax return- or another third party to verify you've been SE (self employed) like business licenses, attorney's, other auditor or licensesWith regards to income like others have mentioned you can use 1 year tax return to base your monthly qualifying income off of.Freddie mac, like mentioned above is a a conventional financing option but the downside with Freddie is they want 5 years in the business as documented with one of the options above.

Learn when Fannie Mae or Freddie Mac might be a good option for you. http://blog.visiolending.com/should-you-conform-bl...

He does a poor job of advertising it here on BP, but he works for one of the few big firms who originate Freddie Mac debt, so he's eminently qualified to advise you on the subject.