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Updated over 7 years ago on . Most recent reply

User Stats

13
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4
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Tammy Price
  • Cary, NC
4
Votes |
13
Posts

Can I get a second mortgage to invest?

Tammy Price
  • Cary, NC
Posted

Hello,

I'm hoping some can help me. I'm new to this, very passionate and looking forward to investing. 

I currently live in Colorado Springs and wanting to purchase my second house. My doubt is, as I already have a mortgage with a VA loan for my primary home will this affect trying to go for a second one directed to investment only.

I have a good credit, but not sure what type of loan would be the best and how much would I be accepted for considering I have a first mortgage.

Your help is much appreciated.

Thanks
Tammy 

Most Popular Reply

User Stats

125
Posts
56
Votes
Brian Barfoot
  • Realtor
  • Minoa, NY
56
Votes |
125
Posts
Brian Barfoot
  • Realtor
  • Minoa, NY
Replied

It shouldn't be a problem as long as you have decent income to support the new purchase. I've done this several times now and the banks only care about debt to income, credit score, and potential cash flow of the new prop. If one bank says no try a few more or ask a realtor for recommendations.

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