Buying a second property

[Yacoub Shack]

I’m about to buy my 1st property with a FHO loan how long would I have to wait to get another property or what are the steps ?

[Brad Hammond]

Hi @Yacoub Shack.  There is a minimum amount of time you need to wait (1 year) before you move out of your first property.  That is the only time frame you need to worry about.  The reason you need to rent out your first property is that I'm assuming you will not be able to pay for both mortgages.  Because of that, you will need to have a lease signed to offset your first mortgage payment.