Reference Material & Contacts Within the Industry

[Jared Khan]

BP,

I've been lurking around for a fair amount of time and the material I've taken in here has helped me to where I am now. I purchased my first home in late 2018, and have been "house hacking" since day one. Never missed a payment; loan originator has already sold it to another bank.

Since then, I've moved up in my company with a decent increase in salary. I'm now wondering if I'd qualify for another primary residence mortgage if I move into the next property, and repeat the process (and thereby turning my current/first home from my primary residence to a Schedule E rental property).

How would I go about doing this, or where I can find out more info? Google and YouTube haven't gotten me anywhere over the last week or so - too much irrelevant info and I've yet to find anything specific on this particular situation.

I'm located in the Los Angeles/Orange County area (California), and would be seeking to buy another property out there - any advice or even leads to knowledgeable loan officers would be appreciated.

-Jared

[Jon Schwartz]

@Jared Khan, you can absolutely qualify for a new home as a primary residence — so long as you qualify financially!

I bought a new home (a duplex I house-hacked) last year while still owning my previous home.

A friend of mine bought a new home last year while still owning the previous one, too.

If you meet the underwriting standards, you’ll qualify. I’m guessing you can’t count your rental income on your current home as income, but I may be wrong!

I worked with a great mortgage broker named Jason Hecht at Guaranteed Rate. We were a very unique situation (self-employee spouses, HELOC on the existing home, yada yada), and Jason worked his butt off to pull everything together. Highly recommend him. I'm not allowed to share his contact info in this forum, so google him or message me for phone and email.

Best!

Jon