How fast can I be pre-approved after closing?
I will be closing on a rental investment in two days and already have my eyes on another. I believe I found a way to come up with another 25% down payment for it. Would I be pre-approved for another loan right away?
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Katherine Blazer
- Lender
- Tampa/St. Petersburg/Sarasota FL and Knoxville/Sevierville/Maryville, TN
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It depends on what type of loan you are doing. Conventional, you will need room in your DTI for another payment. You get to add 75% of the projected rental income to offset that. Private Money/Non-QM would want to know that the asset is going to cash flow.