So, I am a grad student living in a town with cheap home prices (35000-80000) and high rental prices (300/room). I want to buy a multi-unit home to rent out for approximately 1500/month. I have enough for a 15-20% downpayment on a 70 000 home, but since I have a government student debt, which I do not have to pay back as long as I'm a student, as well as a low income (9000 on a graduate assistant contract) I cannot qualify for a mortgage. The hang up I have is I recieve and will be recieving an additional 15 000 of income through scholarships and grants for the next two years, but the bank I am dealing with will not acknowledge it, or says CMHC will not acknowledge it.
Does anyone know what I can do about this? Will other banks want to compete with my bank?