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!
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.
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
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