Based off that info, they will give you a Pre Qualification that says you are Pre Qualified to purchase a property around $____ amount.

Their marketing piece says no DTI qualification, no tax returns, up to 75% LTV on cash out refinances with as little as 3 months ownership seasoning. 

Example, both postings for CO Agents (not Realtors), stated as part of ideal qualifications, had to be licensed in CA???? 

Save money, bank credit, and get at least a pre-qualification and develop that relationship with a local lender.

Here is the link to the qualification standards (hopefully bigger pockets allows link sharing.)https://singlefamily.fanniemae...If no link appears, google : “Fannie Mae Eligibility Matrix” and you will have a very good idea of what a banker is going to tell you.With that said, if you are doing this on your own, your easiest way into an investment property is going to be living in it first... this means either buying a property you are capable of splitting in two and renting out the other half, or buying a house for your family, then at some point moving and renting the property.The biggest difference between buying a home for yourself, versus a true investment property is the down payment... 3-5% for a personal home, versus 25% or so for an investment property.  

Your money (cash, plus any additional equity) will be completely tied up for that time.What if the city / state decides in 14 years that the low-income qualifications should be extended for another decade or two...or five?

There are a few mortgage lenders that use this as a qualification however most lenders do not require this and will use the projected rental income to qualify you for additional funds as Lien mentioned.

We put in a bid ABOVE asking price (house was underpriced and still worth it at higher amount), then found out this was an undisclosed just-purchased short sale and in spite of my excellent loan qualifications, no one will touch this for a mortgage due to Fannie/Freddie, seasoning, etc, excepting a "portfolio" lender at highway robbery rates.

Once you have two years taxes with rental income, you'll start being able to use the rental income for qualification.

They do have the minimum qualifications, but we also have stronger candidates, with better qualifications, that have applied.