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Buying a second property in Illinois

My wife and I own a home in North Carolina. We are both teachers.  Due to the threat of cutbacks, we re-located to Illinois.  We have always paid our current FHA mortgage on time and have never missed.  We have had tenants in our house in North Carolina for the past 5 years.  We have claimed the rental income on our taxes for the last 5 years.  We currently rent a home that we would love to buy.  The owner is working with us and has given us a lease on it.  We would like to buy it sooner rather than later.  All said, our total DTI with new housing payment included would be roughly 51%.  We are looking to put roughly 8% down on the new house.  Our current credit scores are 657 and 720.  Is this new home a possibility?  
  • March 04 2013 - Rantoul
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Answers (2)

My web site has some lencer references. Only a lender can answer your questions.
  • March 05 2013
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Possibly. And I stress that word. FHA does not like to give folks 2 FHA loans at the same time. There are always other ways to get that done besides FHA, however.
  • March 05 2013
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