I am looking into buying two different properties in two different locations/states around same time. One of my loan is in progress will close by March 15 but at the same time I would like to apply for the loan in an different state for another property that i would like to buy. The amount to be loaned for 2nd house is significantly low but still I need to loan it. Can I apply for multiple loans at same time?
You can apply for multiple loans at the same time. What you may encounter if you do is an issue with debt-to-income ratio. Your success in obtaining both loans would depend on the bank underwriting. Chances of getting both loans would increase if you worked with local banks that can approach underwriting from a creative point of view.
If you need to find good local banks to work with, find investor communities in your target cities and ask a forum who the best banks are. That has worked well for me. Best of luck as you move forward!
@ Jody Sperling Great tip. I will post in the local forum for my target area and will get some input on those. Issue is both target areas that I am looking to invest are in different cities/states but I will post in both the locals.