You can start the application now but the SBA has a temporary stay on all loans that aren’t the PPP till the end of June so you need to make sure your Seller is very patient... and SBA loans aren considered fast in normal times.

It has the most applicable information.

I ended up with a highly qualified applicant who started on May 1, so no downtime between tenants.

It is vis versa for the counter.Beyond that, you can get into more technical analysis on employment and population that would be more relevant for commercial and larger investment properties but would be still applicable determine the changing demographics  and economic employment base in each area.

Key is to find a local bank that mainly does mortgages, you don’t have to guess, the mortgage officer will usually have a good idea once you give them a few generic pieces of information, without doing a full application.

Some of the Banks have already stopped accepting applications for HELOCs, Cash-out Refi loans will be next to get halted, or the 80% LTV refi loans will go away, and we will be seeing 70% or less. 

We had 10 applications in the first two day, most people had credit scores over 700.

I've heard of the 1% rule and I wonder if it is applicable in all markets?

You would then need to re lock or extend the lock and that costs money.Also, if you're unemployed that would need to be stating on the mortgage application and will most likely disqualify you unless there's other income besides rents.

.- If a qualified applicant on the waitlist is ready to sign but won't sign without a showing, I coordinate to have the residents prep for showing.