Investment loan vs. Owner Occupy loan
Hi everyone,
I have been researching about this topic, but I am looking for more details (i am a numbers person). Having the following scenario:
- My wife has an 'owner occupy' loan for a townhouse we just bought (we are planning to move and live there)
- I had an 'owner occupy' loan for the current home we are living now (we have been over a year in this home)
- I would like to buy a third home, but I realized our debt-to-ratio will be too high for both my wife and I because of the two mortgages.
- I heard next year, after I rent one of the houses and report the rental income in my schedule E, will be good enough to pursue an investment loan.
Question:
- Can I go ahead and try to pursue an investment loan this year (without having the rental income, yet)?
- I have the 20% needed
Thanks a lot!
Daniel
Most Popular Reply
I would think as long as the home is rented out and you can produce a lease your lender should be able to get you approved for financing.
Good luck
- Curt Davis
