I am almost paid off on my mortgage (a two family home). I want to purchase a new single family home and rent the first home. Should I wait until I have completely paid off my mortgage before applying for a second?

Joey, You do not have to pay off your current loan to qualify for a new loan. You may be able to use the income from renting your current home to qualify for the new property. Any other questions. ken@gcnhomeloans.com or 714-374-3799. Ken Gunn

There is no requirement of any kind for you to wait.