Utilizing Second Home Mortgage for STR's

[Chris Allen]

I am engaged to be married, and my fiancé and I have talked about buying a second home with the 10% down and run it as a STR. My question is, if I were to purchase a second home with the 10% down in my own name prior to getting married, would we be able to qualify for another 10% down second home mortgage once married?

I personally would like to purchase somewhere in TN, probably the Gatlinburg/PF area; while my fiancé would like to own around the Corpus Christi area. Maybe this could allow us to do both? 

[Will Fraser]

It’s just like you asked:  

- You may be able to purchase a few different investment homes using this product, but they’ll definitely have location restrictions (usually they’ll need to be more than 100 miles apart, if this is even possible at all).

- Depending on how you earn and how you are taxed a lot can change.  For example: I am self-employed and  my wife is a homemaker and we have some kiddos, so our individual tax situations prior to marriage allowed for different financing scenarios than once we were married, and then again once we started having kiddos.  So, if you’re trying to get really granular on a particular order of events this could be something to consider.