Is it possible to buy a second home and a separate investment property at the same time? I have a property under contract, not due to close for a while, but would like to purchase an investment property in different city. Can I a loan approval for the investment property? Is it just the interest rate that may be higher? Could they not let me buy the investment property as I am already under contract? Assuming I can afford the mortgages for both. Please help 🤗

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Assuming you can afford them, you can have multiple mortgages for multiple homes. When you fill out a application for a mortgage, it actually asks you to disclose your current debts (including your current mortgage) and it also asks you to disclose upcoming loan application as well. So just make sure you check with your lenders, it should be fine.

Second home loan hits your debt to income ratio. If you’re buying another home with an investment loan it will look at the revenue you will bring in to offset the mortgage payments which doesn’t go against your debt to income ratio. So in theory if you have a 15% down payment (most lenders do 20% for an investment loan) and do a DSCR loan you can buy the investment property. I would recommend you talk to a good lender and they can tell you the ins and outs of what the requirements are

As long as you can afford it. Lender will scrutinize the additional mortgage closely like how the new mortgage payment will affect your DTI and your reserves for that property and the new one

Yes so it’s best to be transparent

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