Obtaining a mortgage (credit, properties, banks, equity)

[trebein]

Hi,
I need information about applying for a mortgage to purchase a multifamily home in NYC. I purchased a 1 family in another state back in may and had to put 10% down. The problem is that my job is still in NYC and after several attempt to get same job in my new state I am contemplating moving back to NY. However I don't want to rent and have seen many deals out there for 2 family homes. I will like to rent this home for 2 years at least before selling to avoid capital gain (if any, which I doubt in this market). I make $55,000 and have about 15,000 in the bank. Will I be able to get a mortgage without having to put 20% on a 2 family home. Any mortgage experts on this board pls. advice on which banks to go to. The home in NY will be my primary residence since that's where my job is. Thanks for your inputs regarding this matter.

[SmartMoney]

Immediate alarms going off on keeping the home for 2 years to avoid capital gains. That is only true of a primary residence to the best of my knowledge. An investment property is 100% hit w/ gains.

Part two of the equation, new rules, hot off the press (okay, within the past 60-90 days), Fannie, Freddie and FHA require you to have 25% equity in a property to give you any rental credit for a rental property. If you cannot document equity, you have to qualify carrying both properties without the benefit of rent. That said, portfolio lending may be your answer. We will allow for rent to offset PITI, but we won't lend in NY. Shop around, you may find something, but it's not going to be easy. If you go FHA on the 2 unit, you can add a co-borrower that doesn't live there.