Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Buying & Selling Real Estate
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 3 years ago on . Most recent reply

User Stats

7
Posts
3
Votes

Timing of primary and secondary homes purchase?

Posted

Hi,

I'm a first-time homebuyer. I'm planning to buy two properties -- one primary and one secondary. I'm splitting the capital between these two properties with 20% down each. 

Since my primary home is new construction, although I can sign a contract now (after pre-approval), it takes another 6-8 months to get closed. Meanwhile, I planned to buy a second home in a different state. The second home is a resale property and is most likely to get closed before the primary residence.

Should I time it differently? By the time, my primary residence is about to get delivered there is also a change in credit so my loan approval criterion may change drastically. I planned my budget such that overall DTI is under control even with two mortgages but the lenders may have different rules.

Any suggestions? I don't have an option to do it in a different way. Like closing primary first followed by secondary home.

Loading replies...