5% Downpayment for investment Property

[James Hughes]

Hey guys,

I just bought a house for my girlfriend and I to live in about 3 months ago. I bought the house in a mad scramble before our baby was born because we were living in a tiny condo which wasn’t big enough for our new addition. I bought the house with a conventional loan and put 5% down.

I really want to move into a better area and buy something bigger to accommodate the three of us. I would like to use another conventional loan and put down 5% again but I wasn’t sure if this was allowed as I just did this 3 months prior.

I’ve heard there is a 1 year requirement? Are there ways around this or do I have to wait that full year before buying another primary residence with 5% down?

Any advice would be appreciated!

Thanks,

James