Is it hard to finance a second mortgage if I currently have one already?

I have an 80/20 on my first home loan, but have been renting it for the past year. I have great tenants and they plan to buy it but want time to save for the down payment. In the mean time I was contingently approved for the second home ($225,000) if my because I told the bank I was going to sell it. What if I decided I wanted to just keep it as a investment property?Is it hard to finance a second mortgage if I currently have one already?
If you told your lender that you are KEEPING the other house as a rental, they need to get you qualified WITH that mortgage payment and the rent received (did you file that income on your taxes last year?).





Keeping the other house COULD make you NOT qualify for the 2nd home.





Best of luck!Is it hard to finance a second mortgage if I currently have one already?
You may or may not qualify depending on your overall income. They will have to re-evaluate you with the PITI payment from your first house as part of your debt and the typical allowance is 75% of your rental income, which might only be allowed if you've been reporting it for the past 2 years.





Have you considered a ';lease-option'; with your tenants, where they pay you a little bit more every month, towards a down payment? This might help speed things along, and if they qualify for FHA, they only need a 3% down.
depend on how your debt ratio will look as only 75% of the rents can be used to ofest the mortgage payments as well as taxs and insurance
That would make it a third mortgage.