you should qualify for an owner occupied rate and terms if the out of state rental doesn't kill your ratios.
most folks are surprised to learn that even a rental with true positive cash flow can be a deal killer when the lender make allowances for vacancies.
Please contact me with any additional questions or for an excellent lender referral who can run the numbers for you. And good luck!
Coldwell Banker - Brentwood West
11999 San Vicente Blvd
Los Angeles, CA 90049
There are so many details involved in securing financing and this forum can give you direction but now an exact answer. I will be happy to refer you to a few different lenders if you would like.
Best to you!
Prudential California Realty
Generally the loan rate for primary residence is the lowest; however, the loan rate is tied to the borrower's credit profile, verifiable income, down payment and the current market rates for either fixed or ARM rates.
The higher FICO score, higher income, and higher down payment lead to a lower rate, generally but not all the times.
Purchasing is a great idea in this market. I'm surprised you didn't buy for yourself first. It will be great to not be a renter anymore if you are.
The only way to know for sure is for a lender (I have some honest ones I can refer you to) review what your income property is vs what you make income wise. I don't see why not if your properties are cash flowing and I'd be happy to connect you with some lender that can help. To know what you specifically can qualify for they will need more data which will be something that can't be answered in an online post. Shoot me an email and I'd be happy to provide you with recomendations.
The Carrabba Group
Keller Williams Hollywood Hills