2nd Loan/Purchase Fast

[Anna Markowski]

I recently purchased my first building, a 4 unit that I live in, in Chicago with a Fannie loan at 5% down. A part of the building is going through a renovation and that triggered some old mental health issues with a member of my family. We've tested everything, and the building is okay, but the health issues persist so we need to move to a space that doesn't have the construction concerns. I would like to keep the current building and rent it out fully and then move into a new building (2-4) that is finished and house hack there. Since we just bought I don't have a ton of money for a new down payment. I could use some advice on loan options. Can I get an FHA loan in this situation? What are the parameters? Can I get another Fannie 5% down loan? I've only owned the current building for 9 months. I'm thinking this would mean that the debt would be a negative debt still since the rental income hasn't gone through the maturation period, so this would put my DTI pretty high. My current lender says the maturation period isn't the issue and that the income from the current building will never count as income.... Is that right? Anyway, looking for some advice.

Thanks,

Anna