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...
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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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