Next house hack questions

[Loid Danga]

I bought my first property in May 2021 using a conventional mortgage. I will be ready to purchase the next property in June 2021(after the 12 months holding period). I have two questions;

1) When I approached my loan officer to discuss the next property financing, he said one of the rules is that the new property value should be higher than existing property. Has anyone experienced this before and is it part of Fannie/Freddie rules?

2) I didn't house hack in the conventional sense. I am living in the property (no tenant). From Fannie/Freddie standpoint do I need to rent this property first before I can qualify for another primary residence? My plan is to get the new primary residence and then put up the current house for rent once I move in to the new one. I can carry the two mortgages (until the existing property is rented) from a DTI standpoint.



Thanks,

[Loid Danga]

@Joshua Janus thanks for the response. I don't think i have much equity in the property yet. Hence, the focus is to purchase the next property.