I then take the promissory note (all created by an RMLO, lawyers, and closed at a title company with insurance) and borrow against it to pay back the money used to create the note (Purchase and rehab costs). 

This will require the borrower to pony up the money (max $10k) at closing in addition to their down payment but it avoids the extra costs associated with the FHA 203k. 

Jake,It sounds like the limiting factor on your file will be a combination of debt to income (dti) ratio and loan to value (ltv).There are many lenders out there but the majority of them have underwriting overlays that create more hurdles for borrowers to jump through.You and every other investor needs to work with a lender that only underwrites to Fannie Mae, Freddie Mac, and Ginnie Mae's base underwriting guidelines.All of that being said, for a conventional mortgage, Fannie and Freddie are currently limiting the maximum LTV to 80% for a cash out refinance on a single family home. 

I literally just had a lender draw docs on 3/20, borrower signed etc.

Don't over-leverage and think you can borrow your way to wealth.

Those who have the liquidity and can borrow at low rates are the ones who can confidently move ahead.

But the good news is interest rates don't look as if they're gonna increase any time soon, so yes, buyers with already available funds or borrowing capacity will buy, but not at a premium.

The term may be lessthan 360 months if (i) requested by the Borrower and (ii) a term that isless than 360 does not result in the modified P&I being greater thancurrent P&I.• Borrower(s) can only receive one Permanent Loss Mitigation HomeRetention Option for a PDMDA.

@CJ M.so far based on my research, best bet looks like going with individual mortgage broker or smaller lender / credit union instead of big banks I.e (wf,boa,etc) as they have higher closing cost and not borrower friendly.

Importantly, these loans may be forgiven if borrowers maintain their payrolls during the crisis or restore their payrolls afterward.If you work in the Gig Economy, are a 1099 worker, a 1 person business, independent contractor, work for hire, self-employed, you are eligible for a payroll protection loan, along with any business with less than 500 employees.