Obtaining a loan from the bank

[Trey Rittenhouse]

I recently bought my first home, and I’m wanting to purchase my 2nd home within 6 months, but I don’t Graduate college until then. My worry is, now that I have a mortgage already, what can I do to get the bank to loan me for a rental property if my income hasn’t increased? I believe if the numbers are right, I can afford it, especially if it’s rented out, but I’m worried the bank won’t approve. Is there anything I can do to increase my chances?

[Reece Iovine]

For a rental property they will include 75% of the income from said rental to qualify it. So that should help a lot. I would just go to a bank and tell them your situation and give them a ballpark on rents in the area you are looking at and ask what they can pre-qual you at based on the rent assumptions.