HI David, fellow Canadian originally from Oakville here...my mortgage team specializes in foreign national or international buyer mortgages with no US credit.

If you cannot refinance it is unlikely you'll be granted the novation and it will take a lot longer to get an answer on that.The beneficiary of that assumption has to fully credit qualify so, while yes, I agree that might be an option, it's not a given.

Leveraging my expertise in property acquisition and renovation, I guided the client through each step—from identifying the ideal property and negotiating the purchase to overseeing the conversion process.The conversion involved reconfiguring the existing layout to add an additional rental unit, ensuring compliance with local building codes, and maximizing space efficiency.

We have tenants that have been with us for years and pay an additional 10% because of late fees.

With providing some rough numbers, my extended work experience with my company, and my credit to the lender, he informed me that I could potentially qualify for a $250k property with an FHA loan and a conventional down payment assistance loan which would put me with little to no money down out of pocket.

Have not had a 'issue' selling in the past five years..I would say the additional development cost of an extra bedroom/bathroom are probably well worth it in the long run..Good luck. 

The income and credit would need to support the loan from an underwriting standpoint. 

I have a credit score of 765, with a good amount of savings. 

Additional bedrooms may or may not help if you already have 4-5 bedrooms. 

If you're not a W-2 employee or have additional income you can try an alternative income verification such as bank statement deposit averages or asset depletion (if you have significant reserves or assets.)