I see that most/all lenders include vacancy in their calculation, whereas the other two expenses are sometimes included - depends on the lender.

If you're looking for hard/private money I can tell you that most lenders would want to be at least in driving distance of the property if anything were to come up.

If you have the 80% LTC loan, keep in mind that the lender will likely require anyone with a 20% or more interest (that's going to vary from program to program/lender to lender) to guaranty that loan along with you.

I am working on a private lender for my first property and have been talking to Warren Fergane.

Hey Sherish, inventory is low in West Sacramento, and their schools are really good compared to other parts of Sacramento.

As long as the lender is licensed in that state they can do the FHA loan.

You chose your lender and you can also choose to find a new one, although it may cost you the deal and your earnest money. 

I was told by a lender that it is possible to qualify for first-time homebuyer grants/assistance due to him still be a FTHM and still using my income to assist with the home purchase.

But, at least there is time for you to have some plan B moves and still own the property, because when the lender calls a note due, it doesn't happen over night.

That was back in 2012 and I still use a lot of his tips for getting private money lenders and wholesaling techniques.