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Updated over 1 year ago,
How to purchase a second property as a primary residence
Dear Investors,
I’m just staring out on my investment journey and I would like to hear your opinions on how to get qualified for a second mortgage as a primary residence.
I’m currently living in the property that I have purchased last year in the big island. I’m on the conventional loan. I have a steady income and good credit history. And I’m considering to purchase another property sometime next year in Honolulu as my primary residence and planning to rent out the current one that I’ve lived in. I’ve talked to my lender about this. She suggested that I will have to rent out the current one in order to get qualified for the second one as my primary residence. My question is: Is there another option for me? As I do not want to rent out my place yet and looking for rent another place while waiting for the loan to get approved.
Any insight would be much appreciated,
Ling