There is a good chance that you will be denied, but a lot of it depends on the lender that you are using.

Are you using a local lender where the decisions are made by someone that understands the nature of the community and whether or not the value will be there.

Or

Are you using a lender where the decision is being made in Plano, TX or out of some office in India or Thailand?

That is usually the first hurdle to getting a favorable decision... finding the correct lender for your situation. If you were in a more conventional situation, nearly any lender would do. If you are in a situation where someone outside the area is not going to understand what you are trying to do and how it works around there, then you need to find a local lender with money.

With the tightening of the lending rules, there may not be a lot of options, but I would expect that you could find a local bank or credit union that might be able to say "Yes" as long as the appraiser can get the adjustments right.

Any appraisers here want to correct me if I am wrong?