Ideas/options for funding

[Patrick Yeung]

At this time, I am interested in looking to purchase another property in the near future and have a few questions that you may be able to help me figure out.

Currently, I still have my homepath loan and am required to keep it as owner occupied (per first time home buyer's tax credit) till April or so.
Purchase price was 65k; still owe about 59k on it. I think it would appraise for about 70-75k, based on recent sales in the complex.
I hope to have around 15-20k saved for downpayment/closing (including reserves) and another 13k in a retirement account with no other debt.

I would love to be able to use homepath to purchase another owner occupied in April, but I do not believe I would qualify without using rental income for my current property. I understand that some lenders require at least 2 year tax history of rental income for it to count for conventional loans. Would a lease agreement be sufficient in some cases? The rent I should be able to receive should cover all costs, including insurance, taxes and hoa with excess.

The type of property I am looking for is also a multi unit that will be owner occupied while renting the other unit out. Would the forecasted income from the second unit be factored in as well?

Also, if I cant afford a multi, any ideas on other options for less than 20 down on properties in the 100k range that are owner occupied?

Currently do not have a full time job so my income is low, which doesn’t help. But my next property will be purchased with my girlfriend (soon to be fiancé hopefully) so should have a little more income to show. Though, she has no credit history really.

I am in San Diego. Any feedback is appreciated.