Orange County, NY · Member since 2021 · 47 posts · 21 votes
Good Morning Everyone!
I was wondering if anyone could provide an answer to my question. Can you be approved for a 2nd home loan if you do not currently have a mortgage on a 1st home, or, are not currently on a deed (a/k/a renting atm)? If having a 1st mortgage, or, your name on a deed is a requirement, could your name be added to a deed to accommodate that requirement? I am having trouble finding any answers to this online so I figured I should go straight to the experts. Thanks so much for your time! It is always appreciated.
Lender · Los Angeles, CA · Member since 2022 · 22 posts · 14 votes
4y
Yep, this one is clean and easy. Simply put you can be a renter, have no other mortgages, and get yourself a rental property or vacation home with the correct financing on that home, ultimately utilizing the rental income to help offset your DTI. But you will have to get a full doc Fannie Mae/Freddie Mac conventional loan. DSCR wants you owning (or being spouse and living in an owned) primary residence.
Lender · Seattle, WA · Member since 2014 · 2k+ posts · 899 votes
4y
@Adam Gonzalez yes - you can be approved for a 2nd home / vacation home without owning your primary home ...be aware that the pricing for a 2nd home loan is now higher than the pricing for a primary home ..begin the pre approval process to get the details in place and your questions answered ( versus searching on line ) :)