Buying second property on one income

[Alexander Gutierrez]

Hello,

I have gotten great advice on this website, so thought I’d ask a question and hope to get great informative answers! 

So, I currently own a primary residence with an fha loan. I have 30 thousand ready to go for my next property down payment. I was planing  on getting an investment property with 20% down.. 

I just got back from meeting with my mortgage officer that did my first loan - I was told by her that my income of 30,000 a year isn’t enough to qualify for another loan. Unless I brought a bigger down payment or got a co-signer. I have no debt other then the home I live in, so this confused me. How can people own multiple properties with an average income and without the down payments I’ve brought. (My first home had a down payment of 10,000)

I was thinking of putting the 30 thousand onto my current home, and refinancing, so I can drop my payment then at some point get a heloc to pull the money out to purchase the next property.. any advice on this or the topic before would be so appreciated! Thank you In advance! 

[Cameron Tope]

Originally posted by @Alexander Gutierrez:

@Cameron Tope

I suppose I should look into local credit unions. Hope to get some luck there! So, you suggest I get a rental home next with the 30k? Or put it into my current home, then refinance? 

 I wouldn't put it into my home and then refi as you'll be paying interest on cash you had sitting in the bank. 

Be patient and look for the right deal that is going to get you closer to your goals. It's ok to have a lot of cash right now. No one ever got hurt holding cash.