Depending on how much equity you have in your current home, we may be able to use projected rental income to offset your new purchase mortgage....
However, if you refinance your current home as a primary residence, the Grant Deed will stipulate that you plan on occupying this home as your primary residence for at least 12 months.....what this means is that your next purchase within the next year will be considered a rental, requiring 20% down...
Fully reviewing your situation and developing the correct strategy is vital for your lending success!
Feel free to contact me so I can further analyze your situation!
best regards, Jeff Marr
You should contact a lender and see about doing the refi first.
Once you get the refi stuff in order, then look for an agent to help you buy your second home.
Best of success to you.
Kawain Payne, Realtor