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I already own a home that I finance with a USDA loan. I have owned it for almost 8 years so I am well past the requirement that it be my primary residence for 12 months. I am looking into buying a 2nd house that I plan to rent out later on. If I need to make it my primary residence in order to satisfy the loan, that is fine as I plan to rent my current home also. I know you cannot carry two USDA loans at one time so that is out and due to the repairs that the home will need, I don't think it will be approved for an FHA. What other loan options are there besides putting 20% down. Also DTI is less than 30% with a 716 credit score.
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- 5 months ago
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