Now in your example you used $40K as the borrowed amount. 

My father just retired from the local union and we were going to borrow from his annuity to bridge the loan on a reo purchase to flip.

See the guidelines below:Calculation of Reserves for Multiple Financed PropertiesIf the borrower owns other financed properties (determined in accordance with B 2-2-03, Multiple Financed Properties for theSame Borrower (08/07/2019)), additional reserves must be calculated and documented for financed properties other thanthe subject property and the borrower’s principal residence.

That's much more risky and really there's no benefit to the lender (or a borrower, bc if someone can't make the interest payments on the loan, maybe they don't have the liquidity to be doing the deal). 

Not all borrowers will go the forbearance route and some will just let things go.That's the tricky part.

If you do your in luck because as a W2 employee your employment is considered stable if the income salary.Another Gotcha is on a multi-unit if you have a NON occupied co-borrower the maximum loan to value is 75%.

What the borrower does is outside your control and has a huge effect on timelines.

You'll also need the borrower's social security number and then the loan number. 

You may be able to borrow from it but I doubt I would.I don't play a lot with fico maximizing, but a store credit card wouldn't be my go to. 

One as an owner occupant and the other as a non-owner occupant co-borrower.