Buying a 2nd home...

[fishbjc]

Guys:  I want to be ready to pull the trigger on a beach condo in NC summer of 2015.  Our current home is mortgage free, we do have 20% down.

This will not be rented out, so no income there.  We will be 3.5 years since a 120 day late on our last mortgage (home sold finally).   Debt ratio no probem.

Anything I should be looking for?  Scores currently close to 700.  I hope that 120 day late won't hold us back. 

[ShanetheMortgageMan]

Should be fine as far as credit & down payment is concerned.  Does your income qualify for both the new mortgage & the taxes/insurance on your current mortgage & your other debts?  Another idea is you could pull the amount of money you need out of your primary residence to purchase the 2nd home in cash, it may get you a better deal on the sales price or you could find something that needs a little TLC/wouldn't pass a lender's appraisal and fix it up and gain equity that way.

[fishbjc]

Shane:  Yes, we can easily pay the new mortgage and fees.  After the 3rd year past the 120, I think I will pull the trigger and get pre-approved.  Thanks!

[ShanetheMortgageMan]

You are welcome and sounds like a good plan.