The problem is you'll get someone that reads an advertisement and does not come anywhere close to qualifying, but then wants to say it was too good to be true.I get people all the time that have low credit scores,  can't prove their income and want 100% financing.Best thing to do is fill out a complete application and allow your credit to be pulled and do it the right way

Which ever way, put the account down on the loan application, and this way, they won't even have to ask you.Turned out I went to the closing and was able to use the HELOC, so there's no problem there.

This would be the best plan going forward to set your self up for the future.

Not only it is mortgage fraud, it is impossible to pull off because these days lenders compare your application with the IRS transcripts.I also urge you to pay attention to a crucial point made by @Linda Weygant: you cannot just forego available deductions to create higher income.

But I self-manage. 

You don't have to worry about a down payment and you can use the current rents as income on your application.

The leasing manager was able  to convince me to deposit the holding deposit check the same day even before filling my application form.

Funds received from sellers, nonprofit or other organizations, including state and local government agencies, for down payment assistance grants cannot be used to reduce the required contribution.Funds paid for costs outside of closing, such as hazard insurance, taxes, application fees, and other items related to the purchase, are considered part of the homebuyer’s required contribution.

Usually the lenders who do non recourse are when the buyer is buying in a self directed IRA.

We received for the first time a 1099 Misc. from a Commerical Tenant of a property for rent that is held in our Self Directed IRA.