Buying a 2nd home

[USC08]

I'm interested in buying a 2nd home but i'm not sure where to start. 

[sports1965]

The people that can help you will obviously need more info from you.

Income

Credit

DTI

Info about your mortgage 

Etc ,etc

[USC08]

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@sports1965 wrote:

The people that can help you will obviously need more info from you.

Income

Credit

DTI

Info about your mortgage 

Etc ,etc

---

Income: 80k

Credit: FiCO scores as of October 10, 2014 are EQ: 781 EX: 782 TU: 786

Amex Zync: $0

Barclays Visa (NFL Extra Points): $0/$8K (CLI from $3.2k to $8k on 10/11/14)

Best Buy (Store Card): $0/$8k (CLI from $2.6k to $8k on 10/11/14)

Best Buy MC (AU) $0/$500

Capital One MC: $0/1.5K

Capital One MC: $0/$3k

Chase (Freedom): $104.60/$2k

Chevron (Gas card): $0/$1.1k

Citi (Platinum Select MC): $0/$10k (CLI from $3k to $10K on 10/11/14)

Dillards (Amex): $381.75/$5k (CLI from $2.5 to $5k)

Discover: $725.82/$8.3k

Macy's (Store Card): $192.15/$4.5k (CLI from $3k to $4.5k on 10/13/14)

NFCU nRewards Visa: $497.88/$4k

NFCU Cash Rewards VS: $0/$5k

Auto Loan Balance: $20,566.51

Mortgage: 192k (refinanced and the new loan officially funded on 8/27/14)

It was converted from a FHA to a conventional.

My DM & DS currently live there. So the mortgage will be taken care of. I currently rent with my GF. Would cosigning with my GF be a viable option for a higher loan amount?

What other information do I need to list? I have an idea but I'm unsure on how to proceed.. Please advise. Thanks in advance.

[sports1965]

Mortgage monthly payment?

Car loan payment?

[sports1965]

Your scores look good, should have no problems

Your unsecured debt is very low,again should have no problems there

I'll leave the rest for the experts .

[USC08]

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@sports1965 wrote:

Mortgage monthly payment?

Car loan payment?

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Mortgage: $1345/month

Auto Loan: $415/month

Note: Payments for the mortgage come out of my DM checking account. 

[sports1965]

Does that include taxes + insurance?

[USC08]

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@sports1965 wrote:

Does that include taxes + insurance?

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Yes.

[Barneygirl]

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@USC08 wrote:

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@sports1965 wrote:

Does that include taxes + insurance?

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Yes.

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It will really depend on what you're looking to buy.  I'm purchasing a second home (actually will be my primary home), and here's what I'm looking at:

1.  Second home payment cannot push my DTI beyond 45%.   Most second home loan options I've seen will limit you to a total of 40-45% total DTI.  (that's all current monthly payment debt + new home payment including all taxes, interest, mortgage insurance, etc)

2.  Depending on the value of the home you're looking at you MAY need reserves on BOTH homes.  I'm currently looking at 6 months worth of payment reserves on my existing house, plus up to 6 months payment reserves on the new house.   (FHA doesn't require reserves I believe, however I exceed the FHA max)

Really depends on what you're looking at