Updated almost 6 years ago on . Most recent reply
OOS Rental with High DTI
I've been looking in the Cleveland ohio market for some time now, hoping to acquire my first OOS rental. However, I recently purchased my primary home with a VA loan and I was wondering what are my odds of getting approved for a conventional loan. Anyone know of any lenders/mortgage brokers and/or what steps I should take to be approved.
Most Popular Reply
Hi @Leo Padilla, congratulations on your home purchase! As long as you're anticipating 20-25% down, you're probably looking at a high probability of being able to roll forward with a conventional loan on the investment property.
A good place to start might be the lender you are using on your VA loan. I'd bet they also do conventional loans, and they will be able to help you figure out how best to structure the investment purchase (perhaps).