For traditional FNMA guidelines you are now considered self employed and will need a 2 year history.

You really need to be up on financing guidelines and personal finance issues as you need to hold hands with most in these circumstances.

I've set some guidelines for the property we're looking for.

In house bank loans generally follow the same guidelines with a few modifications as commercial loans.

Assuming you have owned the props longer than 6 mths, then you are out of luck, according to Fannie guidelines.

Don't forget to add in "Holding Costs" to your numbers while you are rehabbing and the units are not occupied / cashflowing.Also, look into the CLTO - Chicago Landlord Tenant Ordinance, which is the guidelines that all landlords and tenants are held to in Chicago.

Multiple property loans are becoming harder to get every day with tougher underwriting guidelines, even for wealthy buyers.

Sasha, I believe it is standard Fannie Mae guidelines for credit, income ratios, and reserve requirements but with the lower down payment.

While I understand that you feel that recent legislation such as the SAFE act mandates that all loans qualify under residential guidelines, I can assure you that that varies by state.

Because I was looking at the FHA guidelines and I'm not too sure if one of us would qualify by ourselves.