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Updated almost 4 years ago,

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4
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5
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Patrick Frueh
5
Votes |
4
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Getting to Property #2

Patrick Frueh
Posted

I bought my first property almost a year ago using an FHA loan, a 4 bed/2 Bath in Columbus, OH. I've been house-hacking it and have saved up for a down payment on a new property. My mortgage broker told me that to get pre-approved for a new loan, I'll have to make significantly more from my w-2 work, have my current property under a traditional lease, or plan to sell it.

Having the current tenants sign a traditional lease together while I'll still living at the property sounds tricky. My question is, could I declare the intention to sell my house during pre-approval, but have the current by-the-room tenants sign a lease together when I find a new property and get it under contract? 

It seems like a good work-around, but also have no interest in entering any kind of fraud territory.  Anybody have guidance on this issue, or any other advice on getting to/financing property #2? 

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