I received wrong information from people in the Portugal RE industry before so I'm not super confident the person I talked to is correct I'm just trying to get more data points.In case it's useful for others these are some other bits of info I've learnedRefinancing is possible but it is more expensive than conventional (usually the spread is 1-2% higher) and it is necessary to explain to the bank what will be done with the money.It is not necessary to wait to own the property for a certain time to obtain mortgage credit.

You can put a little as 5% down payment for conventional or 3.5% for FHA.Alternative way, is to acquire the 2nd property as an investment property with conventional, while putting 15%-25% down payment.

They're typically more expensive than a bank or conventional financing but can close much faster and tend to accept borrowers who can't achieve bank financing.

but it's really, really tough right now as there is limited inventory, tremendous competition for deals, money is expensive, and good contractors are booked up.the equity in your home is an example of very expensive money. 

I purchased a rental property in June with 20% down and financed with a conventional loan at 8.125%.

Why don't you buy a new primary residence using a 5% down payment conventional loan and turn your current house into a rental?

Also if you're using conventional financing, you will need to wait at least 6 months from your purchase date to use a new appraised value for a new loan. 

To prepare, focus on saving for a strong down payment and maintaining a solid credit profile, as both are critical for competitive financing.If possible, look into FHA or conventional loan options for owner-occupied properties, which may offer favorable terms, especially for first-time buyers.

Inventory, too, surged by a solid 35.7%.

With inventory up a solid 50.1%, buyers have a wider range of options and a bit more time to find their dream property.