Posted on: 28th Jul, 2012 01:41 pm
I'm interested in buying 2-3 properties, but taking out one loan to do it. All three combined will not exceed 150k dollars.
Can I get a loan for such a situation? I have excellent credit.
After the initial transaction, I would like to buy 1-2 properties a year there after. I will stop when I feel that my debt to income ratio is still manageable for my income.
Can I get a second loan for following purchases? Or would they just be consolidated into one loan?
Can I get a loan for such a situation? I have excellent credit.
After the initial transaction, I would like to buy 1-2 properties a year there after. I will stop when I feel that my debt to income ratio is still manageable for my income.
Can I get a second loan for following purchases? Or would they just be consolidated into one loan?
Hi jonatbaylor,
Well, as far as I know, it will be difficult to qualify for such a loan. Most lenders will avoid giving one loan for 2-3 properties. You will have to apply for separate mortgages for separate properties.
Thanks
Well, as far as I know, it will be difficult to qualify for such a loan. Most lenders will avoid giving one loan for 2-3 properties. You will have to apply for separate mortgages for separate properties.
Thanks
Hi jonatbaylor!
Welcome to forums!
I am with James Hogg. Separate properties won't be clubbed by one loan. None of the lenders will agree to that.
Sussane
Welcome to forums!
I am with James Hogg. Separate properties won't be clubbed by one loan. None of the lenders will agree to that.
Sussane