The list is getting too long to keep track, problems and variations are almost endless, redemption rights are pretty easy to overcome with escrows if such is applicable.

—as security for a loan, the borrower has a contingent liability.The lender is not required to include this contingent liability as part of the borrower's recurring monthly debt obligations provided the lender obtains a copy of the applicable loan instrumentthat shows the borrower's financial asset as collateral for the loan.

We no longer consider any applications from hispanics that do not have a legitimate green card.

Also the application asks for loan account numbers.The rental application you guys use asks for all this information?

Main thing is how much you trust your family to be ok with this and how well you communicate. 7.5% is well above the AFR minimum rates, so you wouldn't have an issue, but definitly make sure to understand the Applicable Federal Rates (http://apps.irs.gov/app/picklist/list/federalRates.html).

. - Lender fees - origination fee, application fee, loan fee, doc prep fee, credit report, inspection fee, appraisal fee just to name half a dozen that you could be charged.

My grandfather, father, and I have never obtain a loan application or credit report on any of the thousands of people we have loaned money to since the early 1900s.

I don't rent to the first person that gives me a good application, I rent to the tenant that is the best applicant at the end of my showing period."

This comes out to an extra 2250 per month qualifying income in addition to your 2000 per month, now you have 4250 per month and you can qualify up to 45-50% of this (use 45% to be conservative) which comes out to about a max mortgage payment of 1912.50 / .00725 = roughly 260k of mortgage + your down payment = total maximum sales price you're approved for.I hear upstate NY is a lot less expensive so hopefully that quick example of how you can get up to 260k of loan amount approval is applicable but you can always adjust your numbers to your actual sub market or town/city/area.

What this requirement is doing is setting the stage for an applicant to cry foul if they specifically meet a requirement as you state it.