@David Weintraub I would say if she is more than 30 days late you will probably need to go non prime because the underwriter is still going to want to see the verification of mortgage.  

Here, maybe this will be interesting/helpful to you - I am currently working on doing this right now with my own property, which happens to have a nearly identical loan amount as yours, and there is $50,000 in equity I could refi out.

At $22000 annual rent and 55% expenses that gives an NOI of $9,900... nearly identical to Todd's.

Both the sites I purchased property from were nearly identical in their process.  

So if they are paying you timely and not causing problems, I am actually less concerned if they have a consumer debt or ratio issue or (many tenants prioritize rent, for example).....As to impacting a current tenancy, I think you would not be able to let a change in the employment or credit profile impact the current tenancy, but perhaps it could be useful if they were moving to another unit of yours after a promotion (maybe more expensive to see if they can cover it) or, again, looking to renew and it is coming towards then end of the tenancy and you want to check if all is well before offering a renewal.Finally, note the wording here on employment and income, as it seems to skirt around Fair Credit Reporting, but I think you have a valid business reason here should you go there  .... but your wording does just sound like a simple follow up employment/income verification not credit check.... which I suspect may be prudent for any landlord to check regarding a future decision (like renewing, but again, you could not go back and impact an existing lease based on it)...

This verifies that the situation is what you believe it to be by getting verification from all parties.In our office, the security deposit stays with the house and any amount refunded is refunded to the latter lease holders.

It would be a income verification loan being that myself and my father are self employed.....  

And the units are identical.  

(No sense wasting your time/money screening someone who doesn't even have their voucher yet, in my opinion.)If everything checks out and you want them to be your tenant, you can then fill out the Request for Tenancy Approval form and submit it to the Housing Authority along with the other owner information papers (i.e. owner verification form, disclosure form, pre-inspection checklist, etc).After that, the Housing Authority will inspect the unit and you're good to go. 

@Sarah ZiehrYes they do have an offer letter stating the salary and start date and my property manager also called the employer for verification and all looks good there!