how to get another loan after this

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Hi All,

Here is my situation and I am hoping to get some insights here.
I am looking into buying a duplex right now, and my family is moving into one of the two units. The other unit is rented and tenants pay good rent.

I don’t see myself living in this duplex more than a year or two (it’s too small for us). I do see this as more of an investment property.

The reason we are moving in is that we just moved to the area and don’t particularly love our current rental. Also, we’d like to get a lower interest rate on that duplex as a primary home.

(we also have a relocation package that we need to use up in 6 months)

So if my goal is to move out of that duplex in two years after finding another permanent home, will I have trouble getting another substantial loan (I am on a W2)?

I know a bank typically asks you if the property has been rented for more than two years to treat it as an investment. What options will I have then?

This is not a cheap duplex, though cash on cash return is good when both units are rented. But I will need it to be treated as an investment property.

I also intend to buy and hold.



Good morning neighbor. I am currently living your scenario next door in Summit. My wife and I live in a MFR that we own. once our upstairs rental income is qualified (2 years) we will be able to utilize a percentage of it as income for lending. There are options to expedite process but in terms of qualifying for loan lender will want to see stable rental history.