How to do my second house hack

[Ritwik Rudra]

Hi Everyone!

I'm 23 and 10 months ago in June 2022 I bought my primary residence (a single family home with 4 beds) with a conventional mortgage and 5% down. I house hacked and leased out the other 3 rooms. My PITI + PMI is $2,050 and I lease out the 3 other rooms for $825 each, giving me $2,475 - a successful house hack that nets me positive cash flow currently.

In 2 months, after having lived at my home for a year, I would like to close on a second home and owner occupy it, allowing me to lease out my existing home fully. I’ve spoken to my tenants who are open to getting another roommate to replace me and I’ll be able to get all my tenants on one lease for about $3,200 in rent.

I would like to get another conventional mortgage with 5% down, house hack, and repeat. I have two questions:

1) Am I allowed to get a second owner occupied home with 5% down while keeping the first one and without having to put additional equity into the existing home?
2) for my Debt to Income Ratio on the second owner occupied home, I know my lender will take my PITI + PMI from my first home, but will they take into account my rental income (the $3,200)?

If it’s relevant, by the time I go through the mortgage application process I will have filed my 2022 taxes. I currently make $106,000 a year with 20% minimum guaranteed bonus. I’ve been at this job for 8 months. I have several times my intended down payment in cash that I could show my lender but am intentionally choosing to put as little down to maximize the leverage.

Thank you very much!