How long does a person have to wait

Question

I am currently getting a loan with for a new primary residence. My current residence is under an FHA and I have a renter lined up to move in before Christmas.

Does anyone know how long a person has to wait to apply for another loan for a conventional mortgage.

My next property will likely be a cash buy with a refinance but I want to have other options open if I can.

Account Closed · Answer

Talk to your banker and shop around. I want to be more specific but every lender has their own policy and some will bend the rules (did I just say that?) if they trust you. Good luck in your venture.

Kevin Spring · Answer

Thanks for the general info. The next loan would be for a secondary property and not personal residence. The bank I am working with or my loan for my new primary residence is really on top of things. I can get another loan with 15% down for a rental property. I didn't want to ask the loan officer before my loan closes and mess anything up.

Bill Gulley · Answer

You can apply the day after you close a mortgage, not an issue, qualifying might be, and you won't be applying for another owner occupied loan. Could be a second home if it truly was to be.  And, you didn't ask what I thought you were going to, with an owner occupied mortgage, you need to have occupancy for 1 year, generally but there are some exceptions, before leasing out the property. So, to apply for another owner occupied, you're looking at one year simply because of residency requirements, not the application process so much.

Lenders may bend a policy, they don't bend rules. :)