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what are my chances of approval...

Ok, looking to get a 2nd mortgage (50K/20yrs) for an investment property.
Currently I have:

-230K FHA Mortgage with 10% equity in current home
-Cash for 20% down payment plus closing costs (12K)
-Additional reserve assests of (8K)
-DTI of 44
-Credit of 740+
-Three years of landlord experience with rental income on taxes
 (current home is two family)

I am really just concerned with the high DTI, but wondering if any professionals think the other positives outlined above could make up for it....Thanks for any feedback.

  • January 26 2013 - Albany
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Answers (1)

I suggest that you talk to a loan officer at 2 local banks.
  • January 26 2013
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