Financing a fifth mortgage
im new to bp and would like some advice on options to buy a house.
I have five properties in the Dayton/cincy area and all properties are rentals. I recently obtained a personal 5yr loan @3% and decided to pay off one of the properties. I still have four active mortgages.
I will be away for military training for about 6 months and then move back to the Dayton area. I am looking to buy another property as my primary residence. I'm considering either a second VA loan or a conventional loan.
I've spoke with the banks before and they have told me I need 6 months piti for any properties I had. I believe it's only 3 months for a va loan unless it's multifamily (I have one duplex). Will a bank count my paid off property as an asset for this?
Do you think I will have to have more than 5% down payment if I could do a conventional loan? I bought a primary residence earlier this year and shortly after moved out of state for a job (currently renting). Do you think a bank will hold this against me? Should I only talk with portfolio lenders? I plan on inquiring with some banks when it's getting closer to the time for me to move back to the Dayton area. Any advice would be greatly appreciated.
David