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Qualify for third mortgage?

Hi there,
I currently own two homes and am looking to purchase a third, larger home for my growing family.  Here are my current details, what do you think my chances are of getting another mortgage in the range of $250 - $300K:

1 Rental property for 10 years, consistently rented, paying for itself. Current mortgage amount: $230K

1 Primary Residence for 8 years, co-op/townhouse style.  Current mortgage amount: $105K, Value is below mortgage amount

Income: $105K
FICO: 755
Student Loans: $30K
Auto Loan: $0, just paid off
Credit Card: total $8K, 19% Utilization
Down Payment: $20K cash

I'm interested to buy, but would need to rent my current home, which is a callenge due to being a co-op so it will be owner occupied until i leave, after which i can start the rental process.
  • March 21 2014 - Eatontown
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Answers (4)

Profile picture for angelo almasri
Thanks for the quick replies! I'm just trying to guage if pursuing a 3rd mortgage, given my situation, is even feasible. Ideally my credit card debt will be $0 by the time I purchase and my down payment increased to roughly $30K. But with rates where they are now, I'd hate to wait too long. Have you seen folks carrying 3 mortgages? Does the investment home count negatively towards my debt to income ratio? I don't lose or gain on that property.
  • March 21 2014
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Contact a lender, they are best quipped to answer this question. You  may want to put your co-op on the market to prove that it will eventually be rented. here is a mortgage person who could help you. 
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Most important talk to a few mortgage people and use the one you feel most comfortable. First however start with the bank that has your properties mortgaged they may even give you a discount for re-using them. Hope this helps.
  • March 21 2014
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Go to a lender for best advise but keep in mind that the rental will only count towards a certain percentage due to the fact that sometimes the rentals may be vacant. The co-op may will definitely be a challenge.

  • March 21 2014
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Good luck!
  • March 21 2014
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