I have recently been pre-qualified for a loan of $125,000 to buy investment property. I'm planning on selling my principle residence, move and buy a new principle residence in my new location. If I buy an investment property with a mortgage, how will this affect my ability to get a mortgage on my new principle residence? Would it be safer and less headache to buy my new principle residence before buying the investment property?
Yes you may not qualify for as high of a loan if you buy your investment property first
That's what I was thinking. Thanks for the input.
It depends on purchase price and lease. You may qualify for more if you show additional income after the lease.
Get a good loan officer or broker crunch the numbers for you.
Have a good one.
I was told by my loan broker that the rental income couldn't be used until it shows up on at least one tax return. Is that Fed rules or is it state by state?