If it is a Fannie loan you are allowed to....just as the Fannie guideline you quoted says.

But then I’ve been then told that even though it won’t affect your credit mortgage guidelines have been updated to not allow any new loans to a person that is in forbearance and in order to qualify they would need 3 months of completely caught up and on time.

FHA loans are less competitive in this market because they have more rigorous inspections, guidelines, less down, longer close times so if you're (for example) selling your property, would you want to sell to someone with more guidelines, inspections, less money down, longer closing time or a conventional with less of all that was mentioned?

Then you follow the bank's guidelines on refinancing the property and you usually don't need to leave 20% into each of the properties because you created value and the value is some or all of the % than you would need to leave into the property.

Portfolio lenders will have different underwriting guidelines than Fannie Mae and can often times be more flexible.

Comparitively, Fannie/Freddie money is "conforming" loans because it conforms to their guidelines.  

Where can I find the guidelines?

But, if nothing burned down, you can move on without the bad review, and build this into your check-out guidelines including the time and what the guest is required to do.

This would be our 1st home residence so we are considering how to pursue FHA Loan Guidelines to make this deal more attractive.

I can’t find clear guidelines for Savannah online.Has anyone done this before?