I  know that there are certain stipulations that come with the grant and I want to use  FHA  loans to keep my down payments low.

The loan officer came back with questions that I need advice with.

He has the proof of funds and I know why he is not going to get a conventional loan.

I have very little equity in it and my loan balance is around $400k. 

This affords the opportunity for a homeowner to sell the property if it is not under water for market value and pay off the loan before they are foreclosed upon, or more commonly, short sale the property with the bank's approval. 

One time close construction loans have higher interest rates than traditional mortgage loans .

Let’s assume the property has $313,000 in NOI Valued at 6.26 M 5% cap loan $4,695,000P+I annual= $413,400> NOI5.216M 6% cap loan $3,912,000P+I annual= 344,460 > NOI4.47M 7% cap loan $3,352,500P+I annual= $294,708 <NOI cash flow +

If you need to access equity for a second investment property, a HELOC would be a better option.Currently, many investors in long-term loans are seeing reduced cash flow due to high rates, taxes, and insurance.

Aso was looking in areas such as texas, OH, I would love to stay in NY but not sure my income is high enough to get something suited for here.Hey Jarred,You can also look into a DSCR loan in either of those areas.

Being in the military will allow for you to use the VA loan.