Investment loan vs. Owner Occupy loan

[Daniel Chang]

Hi everyone,

I have been researching about this topic, but I am looking for more details (i am a numbers person). Having the following scenario: 

- My wife has an 'owner occupy' loan for a townhouse we just bought (we are planning to move and live there)

- I had an 'owner occupy' loan for the current home we are living now (we have been over a year in this home)

- I would like to buy a third home, but I realized our debt-to-ratio will be too high for both my wife and I because of the two mortgages.

- I heard next year, after I rent one of the houses and report the rental income in my schedule E, will be good enough to pursue an investment loan.

Question:

- Can I go ahead and try to pursue an investment loan this year (without having the rental income, yet)? 

- I have the 20% needed

Thanks a lot!

Daniel