Can I Buy Two Properties At Once? - Creative Lending Question

[Nandy B.]

This is a question that showed up on a forum i follow, and one that I'm highly interested in as well. I still don't know what the answer is. I was hoping someone in this group could answer on what the possibilities are?

Can I Buy Two Properties At Once?

"I want to buy two houses but can only qualify for one. My mortgage broker said that if both loans closed on the same day, the debt from one would not be counted in the expense-to-income ratio of the other. That way, I would be able to finance both houses. The broker would arrange both loans. I don't feel comfortable with this process – would I be breaking the law? What are the chances I would be found out?"