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.

b) Income is small enough that you can use the $25,000 annual rental loss allowance=>> NOT Applicable in our case, AGI is over $150KThank You for ALL your time and help.

This obligation shall be serviced and administered by a sub-servicer appointed by the Holder and as to any change of servicing, the Holder shall provide at least 60 days notice or as may be required by applicable law, whichever is less required.

Off market in 6 days with multiple applications submitted at asking price.

@Venkat Vankipuram-  get a loan application started  with a lender - they  should be able to  assist  with options and the process