3.5% FHA for owner occupied.Question I have - Is this applicable to First time home buyers only?

This simple question, and the conversation that followed, made me realize a few things. 1.Not everyone is up for taking risks. 2.Not everyone, no matter their corporate background or how intelligent they are, is cut out to own and/or run a business. 3.Some people seem to be looking for validation of why NOT to pursue their ideas or passions. 4.Some people are perpetual students and never make the leap from knowledge to application.

So, just saying, my opinions or statements back then may not be applicable currently as exemptions and clarifications have been made.

Part of it was a learning curve(i.e. check public eviction history prior to meeting applicants there if you don't accept those who've been evicted, or having them call to confirm the day of showing so as to not stand you up) The other part is our strict criteria (current home inspection, employment verification, landlord verification) we invest in a working class neighborhood where people tend to shade the truth more often than not.

As @Pam R. mentioned, it will be extremely important to decide your criteria in advance in the event you receive multiple applications.

Look at the rest of the application and decide.

However they are a small percentage of all applicants...

I put it in the MLS yesterday and got two applications without a showing.

We build complex analysis applications for businesses so that they can take better and faster decisions by brigning to light their information in a easy to play with model.

There are some simple things you could do to minimize the loss of good potential applicants, but you've done most of the 'heavy lifting' by defining your screening process and asking the right questions prior to your applicant submitting the showing scheduling form.