How to get more the one home loan?

Question

I use used my va loan to get a duplex. How can I go about getting another loan to get more property?

Luke Trovinger · Answer

Hey @Anthony Flores! Congrats and smart move on the duplex! Are you looking to owner occupy again or will you be purchasing as a non owner occupant investment property?

Short answer, you can definitely get another loan! I'd recommend reaching out to your lender to see what you qualify for, and they'll give you the details and next steps for either owner occupancy or traditional investment.

Anthony Flores · Answer

@Luke Trovinger so using my va loan I have to leave in this duplex for a year. Before anything so if I could get one where I don’t have to live in it so I can rent it out right away would be the best

Justin Hoggatt · Answer

Hey @Anthony Flores - great job on moving forward!  I was once told that getting multiple loans was hard to do - but it all depends on your lender and how well the cash flow is on them.  I don't know if it's still an option, but up through 4 SFR I was able to only put down 15% on those properties in Colorado.  After 4 it went up to 20%.  Although, I don't do SFR anymore - just apartments and now moving into another asset class.  I have a couple lenders that I could recommend that are very experienced and willing to help as best as possible for your given situation if you want to send me a message.

Luke Trovinger · Answer

@Anthony Flores gotcha, good deal. So you'll be typically looking at 20-25% down, and they'll be looking at your DTI ratio. By renting out the other half of your duplex, some lenders may allow a portion of that rental income to offset immediately while others will be looking for a minimum amount of time. It'll depend on the lender, so be sure to talk to a few to see if you can find something that works best for your situation.

Justin Lanciault · Answer

I got 3 loans for properties in a year before... Just ask your lender

How to get more the one home loan?

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