Please answer these Real estate questions? To the best of your ability I will pick a best answer. Thanks.?

Question

Can you buy another property a month after you purchase your first home?
How long does it take to get your credit score to at least a 600 after purchasing your home?
Can you get a loan on your home, or refinance right after purchase if not whats the minimum wait?
Is it easier to get approved for a home when you tell them you want to rent it out?
Thanks

Answer 1

Yes you can buy another property right after you purchase a home
Your credit is touchy but being over 600 shouldnt be hard as long as you have good payment history and minimum credit card debts
Yes you can get cash out of the house right after you close, 90% per fannie mae guidelines
You need to be honest on your application otherwise itll be found out ( owning 2 homes) if you are buying it as an investment property you need 10% down per fannie mae guidelines

Answer 2

1. You can buy another property the same day of closing!
2. For your Credit Score to get a least above 600 you need to make sure your Debt Ratio and Income Ratio are not maxxed out above what you can technically live on. If your DTI or Debt to Income is around 45-50 you will be ok. But if you incur more debt above this than you may lose FICO points monthly because you have become a liability to Credit Companys. So make sure you keep your Credit Cards down to at least 30% of the maximum and if you incur another mortgage payment that does not exceed your overall debt ratio.
3. Usually for a First Time Home Buyer's the Lender's will request that you wait at least 6 months before you can purchase another home. But since some Lender's dont care you can purchase or take on another mortgage payment the same day of closing or next day of closing.
4. You can purchase an Investment Home but make sure that you have a tenant already lined up or you have at least 6 months of PITI (Princinpal Interest Taxes Insurance) in your Reserve Account. This way if the tenant leaves you can still makes the payments. You will take some Interest Rate hits for going Investment Property. Also you may want to consider interest only loans 5/1 or 7/1 arm. Some may request you to look into a Option Arm but If you are new to the game I would suggest sticking to the Interest Only Arms for now.

Any other questions please feel free to ask

Answer 3

1. Yes if you qualify. But if you barely qualified for your first home then don't count on it.
2. That depends on all of your other credit as well as the loan on your home. It's not that simple. Visit fico.com to learn about credit scores.
3. There is not minimum wait to refi, however you have to qualify (as in question 1) and the property has to have sufficient value to support the refinance loan. There are fees involved in every new loan and your property may actually be less than when you bought it.
4. It's usually harder to get a loan when you try to keep your old one and rent it out. The rented house now works against you because you have the loan, taxes, vacancy and repairs that you didn't have (so much) when you lived in it.

Answer 4

1) If your income records show you have the capacity to pay for the additional property .
2) Until your debt to income ratio is below 30% , how fast can you pay off debts ? We don't know your finances, you do .
3) If another lender is willing to refinance for you, it is up to them, ALTHOUGH your current lender may have a prepayment penalty . . . again, we do not know your paperwork, you should read it.
4) Some lenders do not care about rentals, but some actually prohibit it. Ask the prospective lender what their policies are about investment lending (renting it out is investment, not owner occupied)