I just bought a home in September, when can I purchase another?

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I live in California (kern county), and wanted to buy another home to rent out. What do I need to do to get another home? I.e. how much downpayment, type of loan, and waiting period? I presently have a USDA loan for the home in currently living in. Thanks in advance!

6 comments to I just bought a home in September, when can I purchase another?

  • Rob  says:

    u need an education and much more money.
    think two -- three times your present annual income.
    present bank rules require it.

    visit library for these at least.
    house buying kit for dummies. Tynsen.
    Total money make over, Dave Ramsey.

    both will save u decades and 100,000s$ of hard life lessons
    by learning from others dumb mistakes , not yours.

    is much easier faster cheaper and safer.
    good knowledge is good luck.

  • reenzz  says:

    Since its an investment property, you would need at least 25% down…or more. You can qualify if you can afford both mortgages. You can not include potential rental payments as income.

  • Landlord  says:

    You do not need to wait at all.

    Normal down payment on an investment loan is 30%. Of course you have to be able to afford both properties, and you should not be able to if you qualified for a USDA loan as those are for low income people.

  • acermill  says:

    You can purchase another as soon as you have the required income and down payment needed to purchase a rental property. Currently, mortgage loans for investment properties require a 20% down payment, as well as sufficient income to cover that mortgage if vacancies occur. There are no waiting periods required, as long as you have that income and down payment. Expect to pay 1-1/2% or so MORE than a mortgage loan for an owner occupied property.

  • Beverly S  says:

    You can buy a rental home anytime… but you have to qualify. If you currently have a USDA loan you probably won’t qualify based on income, since to qualify for a USDA loan your income had to have been lower. Down payment on rental is generally 25% & you need a conventional loan.. USDA/FHA/ VA do not do investment property. Also when you buy a rental property we don’t allow you to use rental income to offset the payment until you can show on tax returns a one to two year history of collecting rents.

  • M W  says:

    Since you have a USDA backed loan you must be extremely low income. So, that means you can’t afford to buy additional property unless you come up with a down payment, have good credit history and earn enough money to pay your living expenes plus the mortgage on both propertes. If you had all that, you would not have qualified for USDA.

    USDA will call your loan as due and payable in full if you suddenly have enough money to buy rental properties.

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