Updated over 3 years ago on . Most recent reply
Potential way of getting two loans at once with min. downpayment
Hi! I've started to look into the real estate investing and I was wondering if there's a way to get 2 loans at once with minimum downpayment.
My current plan is to get a multi family property through FHA and that'll make the DTI of ~20% in fall of this year.
Theoretically, I could afford another one given that my DTI would still be lower than 43%, but the problem would be the downpayment. I think I could get at most 7-8% downpayment for the second property.
One idea I had was to get the first one as FHA with 3.5% downpayment (under my name) and the second loan as conventional loan with ~8% downpayment (as a secondary home under my name or as a primary under my partner's name). Would this be feasible? Would there be a better way by any chance? I'd prefer to have both under my name if possible...
Thank you!