How to buy two houses, with a mortgage each, simultaneously?

Question

Hi, we are thinking about buying a primary and an investment property at almost the same time. Is it possible to get loan for both? How to do this?

What about one loan under husband, and one loan under wife's name?

Suggestions/comments, please!

Rebecca Z. · Answer

Thank you. I have talked with the local mortgage lender and she said it could work! Thanks for all your contribution!

Shaun Weekes · Answer

@Rebecca Zhang

This is 100% possible and quite easy actually.

The Underwriter will be able to see all the paper work at once so this makes approving both loans much easier and both loans will fund one day after the other or a couple of days apart.

I hope this helps and have a great day.

Drey Taylor · Answer

This shouldn't be a problem. The wife and I have done simultaneous mortgages before. Easiest method would be finding a good broker that will handle both the rental property and the primary residence. You don't want to be dealing with two different outfits and trying to get them to communicate. They're going to underwrite you for having both simultaneously. Ideally you can quality for purchasing the rental property without the income the property is expected to produce, which will make the process slightly easier.

Rebecca Z. · Answer

But do you think that I would have to wait till the first loan settled and then go ahead with the second home purchase? Then the house might be gone.

Yes, I am planning to talk with the mortgage broker/lender and see how it might work but I also want to see what other people have done before.

How to buy two houses, with a mortgage each, simultaneously?

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