New Condo Purchase
So, I need some help here...
I'm trying to buy a new property for myself, with an 80/20 loan. Here's my details:
94,000 gross yearly income from salary
1,200/mo on rental #1 (792 payment)
1,800/mo on rental #2 (1450 payment)
My purchase price is 369,900. My monthly payments on this with an 80/20 would be 2,500. So:
2,500
1450 (first rental)
792 (second rental)
1,000 (car payments)
550 (credit cards)
-------
$6,232/mo debt service payments
/
$10,083/mo gross income (75% of rental income)
=
61% DTI. Bleh.
Any ideas? My credit scores are at 640...
If this is owner occupied and you are getting an 80/20 why not just take one loan for 103% that would minimize the cash you need to close. You should ask your lender or broker to look into that for you.
Lori
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