Posted on: 26th Sep, 2009 02:10 pm
Hi I need suggestions on the best way to purchase another home. Current I have a fixed mortgage at about 4.5% with 90K outstanding the loan was taken out about 5 yrs ago at 112K and I figure I could sell for at least 115K. I have good credit around 720 but a good amount of debt as well. Min pmts would total around 650 a month and my gross is aroun $6200. I would like to take the little equity that I have and use it to make a new home purchase however a don't know if I can do this without sell my co-op as I would like to keep it as a rental property. I'm in NY i that matters. Any advise would be helpful.
Thanks
Thanks
You cna take aequity loan and use itfor down payment, but remember that will add in toyoru debt to income ratio
Also for an investmenr property you will need more than 20% down payment
Also for an investmenr property you will need more than 20% down payment
The co-op which I own already would be the investment property. Also does the maintenance I pay goes into my debt to income ratio
probably yes your maintenance will be counted in that
Debt to incoem ratio is kind of tricky term, it is not only debt but also your other commitment
So they woudl look at your incoem and they would look at what woudl be monthly payment for the new house and calcualte based on that
But if you have been filign taxes for the last two years and shown this as an investment them you may not have much trouble
Debt to incoem ratio is kind of tricky term, it is not only debt but also your other commitment
So they woudl look at your incoem and they would look at what woudl be monthly payment for the new house and calcualte based on that
But if you have been filign taxes for the last two years and shown this as an investment them you may not have much trouble