So we are closing on our first rental property next week. It is a four plex with an FHA loan for $275,000 - 3.5% down. There are current tenants, but we qualified with just my husbands income.
We already found a single family residence for $50,000 and a duplex for $110,000 that we want to purchase. How do we get the bank to finance these when we just got the other loan?
Any and all advice is greatly appreciated, thanks
@Brittany Hart If you can put down enough to qualify for a conventional loan (20 - 25%) than I don't see why you would have a problem. Its after the fourth where it may get a little more tricky.
Can they qualify us on more than just our income?
Your problem will be your income to debt ratio. Are you working or just your husband? Are you trying to do conventional or FHA again? Under the correct situation, you should be able to apply for a vacation home, or second home loans. If you are working, then just apply under your name for your second, if you qualify. If your not working, and your current income to debt ratio is high with the new loan. You will not qualify for new homes unless you find either a private lender, or hard money lender.
If you are interested in private lending in Alaska, I actually have a friend doing it up there. Let me if you want her information.
@Lenny Longo would that be Natalia?
Yes, @Roy Schauer I suppose it's time for an Alaska joke now. Does everyone know everyone up there lol?
so we actually found a townhouse we would like to buy now. Yes, we are going just off of my husbands income. The townhouse is a 3bed/3bath for 129k. It is valued at over 200k.
@Lenny Longo I am interested in the contact info for your friend who is a private lender.
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