Question about 2nd house loan

[Anonymous]

Want to by a 2nd house for summer. Not sure if my income will support a loan, hoping one of you folks in the know can offer some advice.

current bills

933.00 house, w/escrow 1323.00

350.00 for household bills + food,gas,living expenses

also have a 2nd mortgage for 6400.00/121.00 this dose not show up on any CBR.

owe 149k on house, the one I want to purchase is 40k.

grossed 59k 08, 54k 07.

one last question, with the way there are doing loans now, how much cash would i need for down payment, closing, etc,etc,

Message Edited by ezover on 03-22-2009 10:20 AM

Message Edited by ezover on 03-22-2009 10:48 AM

[Anonymous]

Typically, I think you would need 20% or more for an investment.vacation home and fairly high FICo scores (think 680 or above).  These are risky loans and lenders are pretty particular about them in this market.  Your scores look good, and depending on exactly how your bills are situated, the DTI could be OK.  So figure for a 40K house you are probably going to need 10K cash for down payment and closing costs/etc.