Some of the best tenants under certain circumstances will change for the worst.

From the fha guidelines, "The table below describes the exception situations in which FHA does notobject to borrowers obtaining multiple FHA-insured mortgages.Note: To determine the eligibility of a borrower for one of the exceptions inthe table below, the underwriter must consider the· length of time the previous property was owned by the borrower, and· circumstances that compel the borrower to purchase another residence withan FHA-insured mortgage.Important: In all cases other than those listed below, the borrower is noteligible to acquire another FHA-insured mortgage until he/she has either· paid off the FHA-insured mortgage on the previous residence, or· terminated ownership of that residence."

We're in unique circumstances in that we both have quite high, verifiable incomes and great credit, just not much in the way of liquid assets we want to utilize in the beginning.

It is an exceptionally useful tool under the right circumstances, but can present some tricky problems.You may need to identify significantly more like-kind replacement properties than the first two identification rules permit.

I would ask again and make it clear that your situation is a special circumstance. 

Excellent point that I neglected to explain, @Michelle L.

If you know of him or have colleagues who are undergoing similar circumstances, dig deeper, as it may be the same gentleman.

In terms of what you'll need: - signed disclosures (authorization forms, etc) - most recent 1 months pay stubs - 2 months most recent bank statementes - 2 years most recent tax returns and W2's - fill out an online application Depending on your circumstances you might have more items such as letter of explanations, divorce decree's, mortgage notes, income verifications from your employer or rental verifications from your current landlord, etc Hope that helps!

With seven years in the rearview mirror, and our real estate market looking like it’s considerably healthier, I’ve decided to test the waters again, and hang my real estate license with a local boutique broker here in Southern Utah.Straddling both sides of the 9 to 5 fence - I now find myself working from 4 AM until 1 PM at my day gig, then putting back together the pieces of my long neglected real estate website, and social network until late in the evening.While it’s a long and arduous battle to reestablish contacts… As well as create new ones, I know it’s ultimately worth it.I currently find myself trying to re-establish some high-value reciprocal links for SEO purposes.

I could have made some side cash listing their homes or helping them buy.I am ambitiously lazy, so I like having other people do a lot of the work for me, that is why I continue to use, in some circumstances, agents to do the finding and listing for me.Good luck :)