Posted on: 04th Aug, 2009 11:16 am
My wife & I both have credit scores around 780-800 on all 3 agencies. Both of us can document our income with a combined total of $138,000 annually. We would like to purchase an investment/rental property for around $260,000. What would a lender look for in order for us to qualify? Our current monthly PITI is $2500/monthly. We currently do owe more on our current property than the current value. What possible hurdles would I come acoss?
One thing, you will need a large down payment
Atleast 25- 30% since this will be an investment property
Your DTI and credit score will also a critical role.
But if you cna show that you are able to find a reneter for the new place soon or show that therre is already some one renting then ti may become little easy
Atleast 25- 30% since this will be an investment property
Your DTI and credit score will also a critical role.
But if you cna show that you are able to find a reneter for the new place soon or show that therre is already some one renting then ti may become little easy
lunasea808
As youu said you have good credit, one of the big hurdles would be the DTI
Good luck and feel free to ask
As youu said you have good credit, one of the big hurdles would be the DTI
Good luck and feel free to ask
What are the typical DTI limits on an investment property?