However, you don't have to deal with adjustable rates (huge PRO for me- peace of mind), and they aren't bound by Fannie Mae rules, because they are portfolio lending (so you can get as many rentals as you want-100,200,etc). 

Apparently, Fannie Mae and Freddie Mac get very confused with properties that have traditional homes and mobile homes on them together.As such, I've been pointed to several portfolio lenders.

We are considering a Fannie Mae loan to purchase the home and turn the partially finished basement into a mother-in-law suite, as well as fix the other issues in the home.

But as long as you CLAIM your income, it will count towards a traditional loan that will need income on your tax returns to qualify you.Generally speaking there are 2 main types of loans for investors: “Conventional” and “Portfolio”Conventional - I'll define these as loans that come from Fannie Mae and Freddie Mac (if you recognize those names).

Every multifamily property 5 units and up will need a commercial loan, and there are several differences vs a residential mortgage:Larger down-payment required - there are programs that lend up to 80% in multifamily (Fannie Mae and Freddie Mac both do this), but with a loan size of less than $1,000,000, it's uncommon.

Hello,I bought my first duplex using a conforming loan bought by Fannie Mae.

Some of the options I see are Freddie Mac's Home Possible loan, Fannie Mae's Home Ready loan, or go through a local lender for a Portfolio loan.  

I've provided a link to the Fannie Mae eligibility matrix below. display (fanniemae.com)If for some reason you don't qualify, there are other ways to get the 85%. 

It can be found on Fannie Mae website. 1.

Here is how Fannie Mae looks at ADU's.