Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime
Private Lending & Conventional Mortgage Advice
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 7 years ago on . Most recent reply

User Stats

46
Posts
8
Votes
Jordan Johnson
  • Pearland, TX
8
Votes |
46
Posts

Multiple conventional loans in a year?

Jordan Johnson
  • Pearland, TX
Posted
My wife and I are in the process of building a house that will hopefully be ready around November. At the same time, I would like to start my venture into real estate this year. What worries me is if I found a property and got a loan for it, would I be able to get a loan for our house later this year? My wife and I both have excellent credit and good paying W2 jobs. We never had a late payment on our last house and sold it so it’s need paid in full. The only other loans we have are both our cars. I’ve considered private lenders but I would like to completely rule out a conventional loan before pursuing any private lenders.

Most Popular Reply

User Stats

9,935
Posts
10,791
Votes
Chris Mason
  • Lender
  • California
10,791
Votes |
9,935
Posts
Chris Mason
  • Lender
  • California
ModeratorReplied
Originally posted by @Jordan Johnson:
My wife and I are in the process of building a house that will hopefully be ready around November. At the same time, I would like to start my venture into real estate this year. What worries me is if I found a property and got a loan for it, would I be able to get a loan for our house later this year?

My wife and I both have excellent credit and good paying W2 jobs. We never had a late payment on our last house and sold it so it’s need paid in full. The only other loans we have are both our cars.

I’ve considered private lenders but I would like to completely rule out a conventional loan before pursuing any private lenders.

Being in escrow for two properties at once makes things difficult, but not necessarily impossible. The same lender needs to be doing both. It's doable assuming that is an REI friendly lender. How difficult will depend on if rental income is needed or not as @Andrew Johnson says. Assuming it is, it'll be tough for your lender to give a yes/no until they have non-hypothetical numbers to work with.

  • Chris Mason
  • Loading replies...