And there are lots of conventional loan programs where you can put down <20%If it were me, and I was committed to purchasing, I would try and land an off market property needing a bunch of work and force appreciation that way.

You guys need to get rid of that student loan debt.

You said that you are applying for an FHA loan so it sounds as though you'd be living in one unit. 

However, the ex wife name remains on the loan itself.

That affects your loan amount and then principal & interest payment.2) Estimate rents based on recent rental comps3) Account for all operating expenses such as property taxes, insurance, repairs & maintenance (landscaping, snow removal, cleaning etc), property management (if applicable), vacancy, utilities (what does the tenant pay vs what you would pay?)

I have been trying to save up money but it is not near a down payment for a traditional loan.

What’s the purpose of the loan and what is the collateral?

You are literally loaning your hard earned money to someone else who will also get a loan on top of your money to acquire some property for a fantasy proforma based on too many moving parts where no one is safe. 

Yes I know about the VA loan (no down payment) and VA disability payments, more on that later.  

Since the rent roll was too low, she had to secure financing through a private lender that based the loan on market rent rather than the current rent.