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Updated almost 9 years ago,
Second Mortgage
I'm buying my first property. I want to live in it for a year, fix it up, and do vacation rental on it. After a year I want to buy a second property that I can live in. My lender says that I could qualify for a conventional or an fha for my first property. My question is the following: would it be easier to qualify for a Second mortgage if I get a conventional or fha on my first property? Also, how would choosing the type of loan change if I decide to flip it in a year instead of keeping the property as rental.
I know a lot depends on my specific situation, income, etc. but I'm trying to get a general idea of which path to take with choosing the right loan.
Thank you