Tasha, Home Buyer in 91761

Is it possible to buy two homes at once with the same lender?

Asked by Tasha, 91761 Thu Aug 6, 2009

I am interested in purchasing a primary residence and an income property in the Houston area. If I was approved for example for a home loan of $260K and I purchase two properties within that price range, is that something that can be done? Just curious.

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Answers

8
Good morning Tasha

The Houston area is a great place to purchase investment property. Something that you need to keep in mind is the down payment, for your home you can get by with as little as 3.5% FHA or 5% conventional but for the investment property you will need 25%. There is also Self Directed IRA for investment purchasing, another way to get into the game. Give me a call if you have any questions, have a great day!
0 votes Thank Flag Link Sun Aug 30, 2009
It would make it more difficult.... but doable.
Best to wait for purchase #1 to finish before starting purchase #2
0 votes Thank Flag Link Fri Aug 7, 2009
Thank you everyone for your comments. I am actually relocating from Los Angeles to Houston and I was going to initially purchase a home in L.A and I was pre approved for $260K. Well as you may know $260K in L.A would probably get you a two bedroom apartment in a halfway decent neighborhood! My money definately would not go far out here!! I was just curious if I could kill two birds with one stone and buy a primary residence and income property at one time when I relocate to Houston.
0 votes Thank Flag Link Fri Aug 7, 2009
Tasha,
You were approved for(260K) so much for a primary residence. Yes you can spend 260 K it is just that you will have a higher down payment and interest rate on the second home. It will be an investment property or if 50 miles away as in maybe Galveston, Lake Conroe, Lake Jackson, Lake Livingston >>>>>>>>>>., a vacation home. You may even be able to spend a little more if one is an investment and you have a renter for it.
Margaret
0 votes Thank Flag Link Fri Aug 7, 2009
I would say no...one is a primary residence and the other is an investment property so the requirements for each are entirely different...But the best one to check with is a lender...
0 votes Thank Flag Link Thu Aug 6, 2009
Absolutely!! If you can qualify for both loans . . .you can buy both properties. Use the same lending institution if possible. It will be beneficial to you for many reasons.
Web Reference: http://finehomeshouston.com
0 votes Thank Flag Link Thu Aug 6, 2009
Yes.
Using the same lender is best as you need to disclose both deals!!!
Trying to go thru different lenders for both deals and not isclosing both transactions would be fraud.
Being up front will give you the best chance.
Bottom line: If you qualify for both.... You should be able to get the loans
0 votes Thank Flag Link Thu Aug 6, 2009
Hi Tasha,
I have heard of people trying it, but it normally gets hung up in underwriting. When it does, it could cause them to cancel both of them. My suggestion would be to use a mortgage broker and have them work it out in the best way possible, e.g. different lenders, second home loan, etc. Please let me know if I can assist you in any way. Thanks!

Amber Carrillo, Broker/Owner
It Homes
ambersells@sbcglobal.net
832-643-5632
0 votes Thank Flag Link Thu Aug 6, 2009
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