Hi there,outinbc wrote: ↑ Hi there,
I hope this is the right place for my question - I'm new to RFD but I've found a lot of very helpful information on this forum.
I've just sold my 1st condo, and am looking to get back into the market. I live in BC, have a credit score of 660, income of 92k/year, expenses are roughly 1.5k - 2k/month.
I want to buy a primary residence around 200-250k, and I have a roommate that is willing to sign a tenancy agreement at pay $600/month, however, I also will like to buy a secondary investment unit at 200K, and I have a property manager that has a list of tenants and is confident he can fill it immediately. I have found the two places I want to buy, and now it's just a matter of financing them.
I have about 50-60K that I want to put into downpayments/closing fees (so I was hoping I could do 5% on the first place at 20% on the second place)
Do you feel like with the above information I can qualify to purchase both these places?
And if so, what is the best way to go about this? Is there a mortgage broker here in BC that you would recommend?
As a matter of timing, you can certainly purchase both units concurrently, it's just a matter of getting you qualified for both mortgages. As you've already stated, on the owner occupied property, you can put as little as 5% down, and the rental as little as 20%. Keep in mind that you'll need to show that you have an additional 1.5% of the purchase price available for closing costs on the owner occupied property since you're looking to put less than 20% down.
Your credit shouldn't be too much of an issue in terms of acquiring financing, but the rate may reflect score a bit on the rental. Also, it's worth noting that the score you receive by checking your own credit may vary from the score we as brokers receive when we pull a report from equifax. It's not uncommon for the score to be significantly lower/higher that what you're receiving depending on where you've accessed the score.
Ultimately it's tough to say what you'll qualify for without taking a closer look at your personal situation (debts, credit, the properties in question all play a significant role). You could likely get it done, but when factoring for qualifying on two properties concurrently it's necessary to have all relevant information up front!
I suggest speaking with a broker/agent about what your options are for qualifying. Any of the agents/brokers on here would be able to help you as most if not all are licensed in multiple provinces.
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