Pre Approval Application

1 Reply

I competed a pre approval application and selected primary residence and got the approval for my desired amount. 

Our primary residence is solely in my wife's name. Can I use my primary residence loan to buy an investment property? 

Do I need to go through the application again and choose investment property instead? Or do your think my pre approval is very similar and I can proceed with finding a house and when it's time to finance I can just let them know then? I'm sure it changes how much of a down payment I will need. 

If I was allowed to purchase a property via primary residence, do I lose all tax benefits of an investment property? 

No, you can’t use an owner occupant loan to buy an investment property. Talk to your lender Before you start shopping.
Also, some preapprovals are better than others....if you didn’t submit bank statements, tax returns and w-2’s, the preapproval doesn’t mean much.