Posted by Ben Carmona on June 16, 2007 at 16:57:50:
Before anyone can make recommendations there are many unanswered questions. These are all the steps your mortgage consultant should be taking you through. Do you have a mortgage professional yet. If not, my 1st recommendation is teaming up with one.
All of the normal factors that go into qualifying have to be reviewed.
credit, employment history, income, assets, housing history, etc
Along with this info, your investment goals have to be analyzed. Aussming that your first property cash flows after refinancing it, how long would you plan to hold that. Short term, long term? How about the new property? Are you buying the properties below market value? If so would purchasing at 100% be a better option if it still cash flows.
Consult with a nationwide mortgage planner to assist you with this.