Tacoma, WA · Member since 2013 · 19 posts · 4 votes
Hi,
I am in the process of closing a house with FHA financing and its going to take about a month. However, I am seeing other deals that look good and I don't want to jeopardize anything. I'm wondering if using Hard money on the other deals would trigger any concerns with the current lender and affect whats going on currently or if it would be better to just sit tight and wait for things to finish up before looking at any other properties.
I guess it depends on the timing of things. If your lender is funding you because you have a good DTI right now, but then you take up another deal, the lender is put in a higher risk position because your DTI ratio increases. This could affect the deal. I would just ask your FHA lender if taking up another deal with a hard money lender would put your current investment at risk or even read through the terms of the loan and see if there is anything that says you can or cannot purchase another property from another lender.