I'm ready to buy my first home, but I've been hesitant to pull the trigger on pre-qualification.

I have been able to use this qualification for my wife, combined with rehabbing properties to offset income well in excess of the normal threshold.

Given your response it is surprising you did not state your qualifications were as a local attorney, an IRS agent, even a resident of the same state.

CoC is lower for those, but monthly cash flow after expenses between the two is around $1200.For Highland: https://www.calculator.net/ren...For Provo: https://www.calculator.net/ren...Just one more quick question for you - our Provo units are in an LLC (setup as an OZF), and we had to fund them commercially for the OZF qualification to stick (found a great lender, btw, if anyone needs one in Utah), our Highland ones in another.

The qualifications are way easier than Fannie/Freddie loans, but cost a little more.

This is not sustainable with the high rate of unemployment, mortgage delinquencies, homeowners going into forbearance, Sheriff foreclosure sales currently on hold to at least October now, increased requirements for mortgage qualifications, small businesses going out of business, and a likelihood that children will be at home again in the fall for distance learning, restricting parents' ability to work.Overpaying for the property, delays in securing contractors/finishing the renovation, towns slow in completing Certificate of Occupancy/permit inspections, delays on getting the title work done, etc in a market that could turn on a dime is a recipe for disaster.

What are these friends qualifications anyway?

The interest rates and loan qualifications will be nationwide.

Did you get a 2nd opinion on the $1MM qualification?  

The realtor will research buyer's lenders and know the questions to ask their lenders to understand their qualifications. 6.