Here is a scenario that could/would get approved prior to the new guideline:- Sally makes $15/hr, she graduated high school 2 years ago.- Sally lives with her parents, does not pay rent.- Somehow, mysteriously, Sally has $200,000 and change in a checking account, and it's been there for 2 months so we aren't allowed to ask where it came from.- Sally (before) qualifies for a cashflow positive $800k investment fourplex with 25% down w/ the rent at 75% of gross value being used to offset the PITI.- Not only does Sally not have landlord experience, or even homeownership experience, she's never even managed her own personal rent payments.

Well turns out a couple of months later, the designated occupant has invited his friend to live there too and also gotten a dog (which are both not permitted without written landlord approval and are lease violations).

I am just getting started and applied for my first pre-approval.

Most lenders will make you buy in an LLC so that it is not officially owner occupied no matter what but will make it a little more difficult to do a refi into long term debt or they will make you buy in your name but sign an affidavit that you will not occupy the home.

Interest rate might be lower, but so far I was approved for 4.3% (I keep searching for a better deal)3.

.- Lastly, offer to provide proof of funds, pre-approval letters, and any financial information that they can see to verify that you're motivated, serious and qualified.Best of luck to you moving forward!

This is only possible if you buy right.To mitigate the issue of not being able to refinance if you can't sell(extremely low possibility), get pre approved with a lender.

To the extent permitted by federal law, a person is acting in this state if the person is located in this state and is seeking to collect from a debtor that resides inside or outside the state, or is located outside of the state and is seeking to collect from a debtor that resides in this state.

To be fair, we haven't gotten the pre-approval yet (hopefully within the next week), so our realtor and we haven't gone too hard. 

Last month it dropped another 10 points  after a lender approved me for a conventional loan on an investment property.