We've even tried to get the lender to report our on time payments to the credit bureaus but they won't.

I have been seeing a lot of lenders tightening up on cash out refis and appraisals coming in lower.

Eventually the lender or HOA will foreclose and there will be an auction and a new owner. 

Does anybody know if my father can prove his income to a lender when I try applying for an FHA loan instead of my income?

I'd recommend reaching out to a bunch of local lenders to tell them what you're looking for and your situation.

Even with this carve out available, it does plainly state that a taxpayer does still have the option to go back and amend the prior year return - so both answers can be correct.I would have your CPA/EA review your situation and the related Revenue Procedure to verify you are under this section, which would allow filing of the 3115 instead of amending the prior year return. 

I moved here from Florida after seeing the projected growth.I can refer you to some lenders local to Columbus who all have great products. 

I have heard of lenders that do HELOCs on investments but I would recommend just doing a cash out refinance.

They may also take into account the income potential of the 4plex once it is completed.It's important to speak with a lender who has experience with construction loans to fully understand the process and requirements.

You'll find a lot of mixed reviews on this topic, so make sure you vet the company well beforehand.