{"id":77018,"date":"2016-02-21T14:30:57","date_gmt":"2016-02-21T21:30:57","guid":{"rendered":"https:\/\/www.biggerpockets.com\/renewsblog\/?p=77018"},"modified":"2024-02-08T17:17:57","modified_gmt":"2024-02-09T00:17:57","slug":"2016-02-21-investors-guide-qualifying-conventional-loan","status":"publish","type":"post","link":"https:\/\/www.biggerpockets.com\/blog\/2016-02-21-investors-guide-qualifying-conventional-loan","title":{"rendered":"The Investor’s Guide to Qualifying for a Conventional Loan"},"content":{"rendered":"

“It’s easy to get a loan unless you need it.” —\u00a0<\/span>Norman Ralph Augustine<\/p><\/blockquote>\n

Can I purchase an investment property with a conventional loan if I already have a mortgage on my primary residence?<\/span><\/em><\/p>\n

Short answer, yes — but do you qualify? That\u2019s another question.<\/span><\/p>\n

A majority of the readers here have a full-time job and a mortgage on their primary residence, but they don\u2019t know if they qualify for another mortgage. Being that I like to keep investing simple, I suggest newbies focus on conventional financing for their first investment property purchase and set a healthy down payment of 20-25%. Rather than bore you with the minutiae of mortgage lending, it\u2019s better to have a general understanding of loan lending requirements instead of becoming lost in the technical details.<\/span><\/p>\n

\"VA<\/p>\n

Lending Requirements<\/h2>\n

Conventional loans have lending requirements created by Fannie Mae. Your banker uses a few different data points to determine if you qualify for another loan:<\/span><\/p>\n