Financing routes for rental property and primary residence

[Amanda Miller]

Hello all, newbie here,

I am looking for advice on which route I should take for financing. My story: currently renting but recently found a triplex I'm interested in as an investment property. My lease is up in October which is when I'd like to buy a duplex via FHA and live in one side. My dilemma: What type of lender should I be using being that I want to acquire 2 mortgages in a short period of time. How does a mortgage on a investment property effect the likelihood of acquiring an additional mortgage for a primary residence.

Thank you! 

[John Woodrich]

@Amanda Miller in a perfect world you would purchase the place you want to live first with a 5% conventional loan, then purchase the other with a 3.5% down FHA loan but it doesn't sound like it will work. Under the situation mentioned you will likely need a 20-25% down payment to purchase the tri-plex. Then if your DTI and credit are good you could purchase the second property to live in under FHA.

Connect with @Tim Swierczek, he is a local expert who can shoot you in the right direction. If DTI becomes a problem he also has some portfolio options.