How soon can I buy a house after buying one ?

There is no legal waiting period to buy another house, so you can technically buy a second home immediately if you have the funds. However, lenders usually require you to live in a home for 6 to 12 months to qualify for a new primary residence mortgage, or you must qualify for a second mortgage while paying the first. Keith Jean-Pierre Managing Principal The Dapper Agents Operations In: NY, NJ, FL & CA

There is no legal waiting period to buy another home after purchasing one. You can apply for a second mortgage at any time. The question is whether you qualify with both loans counted against your debt to income ratio. Since your current loan is only four months old, lenders will include that full mortgage payment in your DTI calculation when evaluating the new loan. If you plan to rent the new property, some lenders will count projected rental income to offset that payment, but typically only if you have a signed lease or established landlord history. Without that, you are qualifying on your income alone against both payments. The loan type for the rental matters too. Investment property loans require 20 to 25 percent down and carry higher rates than primary residence loans. Make sure your lender knows upfront that the new purchase is intended as a rental so they can structure the right product. If your income and credit support both loans that is really all you need to move forward by June.

There is no set time frame after purchasing a house that you have to wait to buy another one to use as a rental. However, it is essential to consider a few things before buying a property to rent out. Make sure you can afford the mortgage payments on both properties and the costs of repairs and maintenance. The type of loan would be different than your primary residence and usually incurs a higher interest rate. Speak to a loan specialist for more info.

Odds are the best way for you to purchase is through an investment property loan.