Buying another primary residence after 8 months

[Michael H.]

Hi all,

I purchased a duplex 8 months ago with 5% down primary resident conventional financing. Property is in Dallas. Purchase price was $500k. I rent one side and intend to rent my side when I move out. 

Today, I found out that next door is for sale which is also a full duplex for $600k. Unfortunately, I’m not able to put 25% down as investment property loan. 

What loan options do I have? Can I do the following

1. Can I buy as primary resident with 10% down?

2. Can I refinance my current home as investment property and then buy second home as primary residence? If so, will a lender process both at the same time? 

3. Any other creative options? 

[Bill B.]

You can’t buy another primary for at least a year. At least not short of moving across teh country for medical or job reasons. You signed a document saying you would live there as your primary for a year when you got the loan. After a year you still might not be able to buy that one.  You need to justify to the new lender why you’re moving. Easy enough if you’re moving to a new city, a bigger house a smaller house etc, but basically the same property next door? What’s the reason?