Updated almost 13 years ago on . Most recent reply
Buying first house for future rental
My wife and I are 27 and looking for our first home. My goal is to buy my first house for around $180 or less, live there for a year or so, buy a second house to live in, then rent out the first house.
The issue is my wife and I currently gross about $65k. I haven't done any pre-qualifying yet because I want to do it through multiple places within a week of each so it only affects my credit once. I only have 1 car loan with about $5k left on it. No debt other than that.
I am hoping I can get a loan with a low down payment on the first home since I am very sure I will need 20% down for the second home. I think Navy Federal has an option with no downpayment and no PMI, but I still need to inquire with them about it.
I'm worried my plan will be crushed when it comes to getting a loan for the second house. How easy is it to get a loan for the second house?
I've searched around and am having a hard time finding someone in the same situation around my age.