This is really disappointing because I am ready to purchase another property today but will not get approved or have horrible loan terms due to a 640 credit score.Does anyone have any recommendations on how to remediate this issue?

This should be a relatively easy and straight forward loan, @Christine Barker.

I have 2 development projects in planning at the moment also and they have relatively similar #'s. 

Shouldn't have any issues converting it over to RD R-2 Medium DensityResidential District and can build 3 quadplexes on it. 

I like to spread relatively small amounts ($5K/month) across many property types, many states, many syndicators.

But, I am alway mindful of how my money is performing relative to its possible alternative uses and the fixed deposit rate is perhaps the easiest rate to focus on for a comparison. 

If so, that could be an issue...Fannie/Freddie have a limit of 10 conventionally financed properties. 

The fourth thing is to vette the property knowing liens against the property, zoning, environmental issues like wetlands, flood zone, availability of utilities, condemnation, code violations, and more.

Not quite the same issue.

I own and manage medium term rentals with neighbors who will call us if there is ever an issue and have even helped my guests when they needed it.