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Updated almost 9 years ago on . Most recent reply

Account Closed
  • investor
  • McDonough, GA
77
Votes |
230
Posts

How long do I have to wait to apply for another mortgage?

Account Closed
  • investor
  • McDonough, GA
Posted

If I buy a house with an FHA loan or conventional loan, how long do I have to wait to buy another house with another FHA loan or conventional loan? I assume that getting a mortgage in my name will lower my credit score a little bit. So would I need to wait 6 - 12 months to apply for another mortgage?

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Jassem A.
  • Investor
  • Pennsylvania
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Jassem A.
  • Investor
  • Pennsylvania
Replied

Wait a year if you would be moving to the next property otherwise expect to pay 20-25% down to buy the next property as in investment. You can use equity in your current home as a downpayment on the investment but lender will probably want to see 2-6 months of reserves for both properties as well.

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