How long do I have to wait to apply for another mortgage?

[Account Closed]

If I buy a house with an FHA loan or conventional loan, how long do I have to wait to buy another house with another FHA loan or conventional loan? I assume that getting a mortgage in my name will lower my credit score a little bit. So would I need to wait 6 - 12 months to apply for another mortgage?

[Jassem A.]

Wait a year if you would be moving to the next property otherwise expect to pay 20-25% down to buy the next property as in investment. You can use equity in your current home as a downpayment on the investment but lender will probably want to see 2-6 months of reserves for both properties as well.