Cash out refinance and investment loan

[Wendy S.]

Hi guys, so I am about to start the cash out refinance process on my primary residence. However, an investment property has become available that I would like to purchase.

Problem is my DTI is not great, which was 1 of the reasons I was looking at the refi in the first place.

Is it possible to get a refi and an investment loan purchase simultaneously or any other suggestions on how I can make this work. I'm able to come up with the 20% dp but would work with 10/15% depending on the numbers.

@Chris Mason.

[Andrew Postell]

@Wendy S. is it possible?  Yes, this is completely possible but you will need to work with a very competent Loan Officer.  Make sure that you interview well and ask the following questions:

1. How does my cash out loan HELP me qualify for buying another property?
2. Do you use rental income immediately to help me qualify?  Even if the property is vacant?
3. Can you hit a less than 30 day closing time doing 2 at once? (you may not need this but ask it and see how much they squirm.  If they are honest they will likely admit that it might take 35 days to do both.  Try it out and see what happens)

Feel free to ask anything else additional here if you need. Thanks!