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Getting financed for a second property

Posted on: Wed, 05/30/2012 - 04:57
Getting financed for a second property

Hello all,

Well, I am excited to say that I am nearly on my way of hitting my 1-year anniversary with my first property (2-family which is currently being rented out to 2 individual tenants).

But now I am scavenging to get another property under my belt by doing it the conventional way... through the bank. I've saved up roughly 10K but do not want to throw all of my $ on it.

I am wondering if...

1. Can I get approved for another loan?
2. Is it possible to refinance with through this house for additional $ for the next house?
3. With the first house, I needed a FHA load, would this factor into getting the loan?

Or I am willing to hear any conventional other ideas. I was told for the second property, I would require an investment type down payment, is that also true?

Any feedback would be beneficial.

THANKS!

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Posted on: Thu, 05/31/2012 - 15:33 #1
anyone??

anyone??


Posted on: Thu, 05/31/2012 - 16:13 #2
Jesse

Talk to your broker or banker. You will have to provide your financials etc. There is no way to answer your questions. Depending on your situation the answer to all the questions could be yes or no. Ask a professional that will have access to all of your information.
You should have everything lined up and pre approved before you start looking for your next property. That can't happen on this site.

Michael Mangham
Mentoring/Team Building Nationwide
MD Home Acquisitions LLC

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Posted on: Thu, 05/31/2012 - 20:05 #3
Financing

Here are a couple answers to some questions. FHA loans only go to owner occuipied properties. To buy a second property, like Mike said, you will need to get qualified by a loan officer. Also to buy an investment property you will need to have at least 20% of purchase price for a down payment. Without the down payment you will not get approved for the property.

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