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Updated about 2 years ago on . Most recent reply

Nilay Engin's profile image
Nilay Engin's profile image
Nilay Engin
  • Rental Property Investor
  • from Bakersfield, CA
  • Member since Jun 15, 2019
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Nilay Engin's profile image
Nilay Engin's profile image
Nilay Engin
  • Rental Property Investor
  • from Bakersfield, CA
  • Member since Jun 15, 2019
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Nilay Engin
  • Rental Property Investor
  • Bakersfield, CA
10
Votes |
21
Posts
Private Lending & Conventional Mortgage Advice

How fast can I be pre-approved after closing?

Nilay Engin
  • Rental Property Investor
  • Bakersfield, CA
Posted

I will be closing on a rental investment in two days and already have my eyes on another. I believe I found a way to come up with another 25% down payment for it. Would I be pre-approved for another loan right away? 

Bakersfield, California
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Katherine Blazer's profile image
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Katherine Blazer
  • Lender
  • from Tampa/St. Petersburg/Sarasota FL and Knoxville/Sevierville/Maryville, TN
  • Member since Aug 23, 2018
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Katherine Blazer's profile image
Katherine Blazer's profile image
Katherine Blazer
  • Lender
  • from Tampa/St. Petersburg/Sarasota FL and Knoxville/Sevierville/Maryville, TN
  • Member since Aug 23, 2018
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Katherine Blazer
  • Lender
  • Tampa/St. Petersburg/Sarasota FL and Knoxville/Sevierville/Maryville, TN
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Katherine Blazer
  • Lender
  • Tampa/St. Petersburg/Sarasota FL and Knoxville/Sevierville/Maryville, TN
Replied

It depends on what type of loan you are doing. Conventional, you will need room in your DTI for another payment. You get to add 75% of the projected rental income to offset that. Private Money/Non-QM would want to know that the asset is going to cash flow.

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