You need to talk to your lender; each one will view your situation differently. A lot will depend on the equity you can show in either property whether it’s by making a large down payment or the market in that area is rising quickly.

If you have the investment property and can show steady income from it, it may help you qualify for your own home loan. Remember, tho’, the income from the property will be taxable so buying it for $1000 a month (Taxes/InsPrinciple) and renting it for $1100 is not a pure $100 profit.

But some lenders may balk if they believe you will be over-extended and can’t show long term tenents.

The market is presently getting a little more expensive to get into. You may want to get your place first, see what tax benefits you will have, and then determine what sort of investment risk you can handle. You need reserves to cover periods when the investment property is sitting empty, unless you are thinking of buying bare land for selling in the distant future – that’s another scenario.

Again, talk to the mortgage lender that pre-qualifies you before you go shopping.

That all depends on your personality…are you ready to be a landlord? You could also simplify the process by buying about a three/four unit…and living in one of them yourself.
In my city/state, that gives you a better tax- break on property taxes, too.
Tenants tend to treat things a little better and generally respect the property and the neighbors better if you are right there, too.
Just a thought or two.
P.S. The increased income would certainly gain a little respect on the second application, also.

Buy a rental investment property first. If you are young – buy a 3-4 unit and live in one of them for a year. Then buy your own home. It’s a great way to create income and increase your credit score. If you can buy – rehab and flip a property or two you can just about live in your own home for free from the income you make.