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Updated over 7 years ago on . Most recent reply

Multiple conventional loans in a year?
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

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.