[quote=evolusd]
I don’t know about the 30% equity rule to get another mortgage, but I assume there are some conditions, hence my original post.[/quote]
It isn’t about equity so much as income. If the first property is mortgaged, they would need enough to cover both PITI’s. Potential rental income doesn’t count.
If they already have a mortgage, the bank may require 30% down on the second property, even if the income is there. I heard that number from at least a half dozen lenders.
