Can I do two houses?

Here is my situation: Want to get my first investment property and have a prospective deal that would be a sfh rental. I would hold the property for 2 yrs. before selling. Here’s the twist. I also need to purchase a house for myself which I will live in a max. for 2-3 yrs. The question is, is it possible for me to do both… get the investment property first and 4 months later purchase my own house. My credit score is 630 at the moment and the investment property is $100k and my personal home would be $200k. What are the pros and cons of my situation.

Any input is greatly appreciated.


Getting your primary residence should be no problem at that credit score. You can 100% even going stated. Once you start talking about NOO with a 630 it gets a bit tougher. You will probably have to find a seller who will carry a small second to get you to the 100% CLTV you are looking for.

I had spoken to my mortgage specialist and she said that she doesn’t think it would be a problem. You say otherwise. AHHHHHHHHHHHH! You don’t think I can do both w/o owner financing?


If a mortgage broker doesn’t see a problem in getting you financed then I don’t see anything wrong with doing this.

Just curious about the 2 year period for your investment and primary home. What will you be doing after that?



I have to agree with Chris, it’s easy for a borker to say that they can deliver. I have heared this from on several occassions. Saying and delivering are two diffrents things. Let us know how it turns out?

Best of Luck!

I agree as well. When I first started looking for my personal home, I was told by a mortgage broker that I would have no problems getting a loan, but that wasn’t the case. When it came down to it, we had to pay of debts and still did not qualify through them, we ended up going to a small town bank that we new the loan officer personly, he pleaded our case to the board and we did get a loan with my wife’s parents as cosigners. We had poor credit at the time and did not expect to get a loan, but it wasted our time and we almost did not get our house. Thats just my experience and your broker may be on track, but I would not bank on it.


Thank you all… I think I’ll get my personal home first.


Owning a rental property 1st does not really hurt your chances. The thing is when the loan first gets reported it may have a negative impact on your credit score for several months, plus your score is still relatively low.

Now no one here knows your income and expenses. If with the house you still quailfy for many loan products on the debt to income ratio I doubt it will affect you since you financially show both mortgages can be paid.

Now since the 1st house will be an investment, the bank generally considers on 75% of the total rent collected as income…So if your collecting $1000 month rent, only $750 can be claimed as income when figuring out your DTI

Your credit score is ok. You can invest and get 100% financing with score of 620. You have to go fully documented.

I had recently graduated w/ my bachelors degree. since i have only been working for about a 18 months now, i will have to do a stated income. thank you all for your inputs.


May not be true about having to go stated, I bought my first primary residence two years ago after being out of college for only six months. I got my loan from Wells Fargo full doc conventional. Many lenders will take into consideration your education as your two years of required on the job experience. The only catch is that it needs to be in the same field as your current job. If it isn’t, get creative and stretch the truth a little bit.

I had a finance degree, at the time I was working in sales but I still made it happen.

hmmmm. i didn’t know that sean. i’ll certainly look into it.


i think less than 680 is considered subprime. your broker will make a killing off you and you’ll be stuck with a high interest rate.

but its definitely possible. but fix your credit score and refinance once you’re over 680 or 720. make sure you have enough reserves in the bank to tied you over vancanies, job loss, etc.

incidentally i bought my first property when my credit score was 619. stupid phone company had a bogus delinquency on my credit report.
12 months later it was 720!