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fbradk
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 Posted: Wed Jul 22, 2009 9:44 pm Post subject: 2nd home |
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I am looking to buy a 2nd home for vacation. It is a manufactured home on leased land. It is in a great summer vacation spot for boating. The price range is from $80,000-$100,000. I have enough for 20% downand have a credit rating between 680-710. I own my primary residence(with a mortgage) and have a rental property (with a mortgage). I have a very stable job that pays about $100,000 a year and make about $12,000 a year from my rantal and own a business that make about $8,000 a year from. With just my job my debt to income is about 55%. The 2nd home would also be used as a rental also (daily during summer and monthly during winter) that would help pay for the home. What type of loan could I get? Where should I look? Do you think I can qualify?
Thank you
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 savior70
Joined: 25 Mar 2009
Posts: 1765
Location: Florida
235.57 Dollars($)
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| Posted: Thu Jul 23, 2009 4:37 am Post subject: |
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Hi,
You've got a good amount of down payment and your credit scores are very good. This should help you in qualifying for a loan to purchase the second home. But your debt to income ratio is quite high. That can affect your chances of getting approved for a loan. However, if you include your rental income and the income from your business, it will lower the DTI ratio. Thus, from credit, income and down payment point of view, you can qualify for a conventional or an FHA loan. But the only area of concern is your high DTI ratio. If you can bring it down to somewhere around at least 45%, you do have a very good chance of qualifying for a loan to buy the second home. |
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manoj_gopale
Joined: 16 Feb 2009
Posts: 481
0.59 Dollars($)
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| Posted: Sat Jul 25, 2009 8:15 am Post subject: |
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fbradk
welcome to mortgagefit..
you have all the good signs to get qualified for the 2nd home but you will be having big time managing the taxes associated with it. so you need to a wise decision regarding this.
keep in touch.....
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