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I am applying for two mortgages on two investment properties. One is a cash out of which I own the property 100% and the other one is for two commercial buildings with significant rental income. My FICO is 773, no debt, 60k in income (only pay myself what I need to live). I will be putting down around 40% in cash for the second mortgage. Not sure if this will be a problem, but I have 10 credit inquries on all three credit reports. 3 will fall off in about two months, another 3 will fall off by December this year. Of the 10, one was for the cash out mortgage. One was for Verizon Wireless. Two were for credit line renewals (zero utilization). Two were for to join credit unions. The remaining four were for credit cards over the past two years.
Am I going to have issues receiving a mortage on the second investment loan?
You have to explain those credit inquires in letter form or provided lender form. Its not a problem. Just make sure you write the right reason for inquiries.