How long to buy the next property?

Question

Hi BP Family! I wanted to ask how long do I need to wait to apply to buy the next property with a conventional mortgage? Is it 60 or 90 days? I closed on the last property on June 26th. And what if i decide to buy the next property with an FHA loan, would it change or would it be different? Let me know when you have a chance and greatly appreciate it! Have a great day everyone!

Zachary Ray · Answer

Just make sue your debt to income is good to go.

Jennifer Zhou · Answer

I dont see any min requirement for the purchase mortgage.

David P. · Answer

I'm in process of buying 2 in one day. Two transactions, conventional financing, one owner occupied , one investment.

Sandy Gabin · Answer

Thanks for your response. Maybe my question wasn't clear. Let's say that i buy a home today with a mortgage, but I want to buy the next one. Is there a waiting period that I need to sit to buy another home? Is it 30, or 60 or 90 day? Do you know?

Mike McCarthy · Answer

@Sandy Gabin I don’t know of any minimum time between conventional mortgages. I’ve closed two in one day.

Obviously only one can be a primary residence, and there’s usually a 2-year expectation for you to live in that house, barring unforeseen circumstances (job relocation, etc)

Not sure if FHA loans have any different requirements - other than the owner occupancy.