Second Mortgage

[tdh2007]

Hi,

I have a solid 730-750+ credit score.  I have about 25/75 debt/income ratio which includes revolving debt, rent, gas, electric. maintenance and child support from a previous marriage.  I make $14K/mo gross.  My name is still on the title of the home and mortgage with my first wife.  Can I still qualify for a second mortgage on a new home or condo now that I am able to stop renting and purchase?  Are there any government programs I would qualify for since I already did an FHA on the jointly owned home from ex-wife?

Thanks!

[pdog661]

Yes.

Have you owned the other home more then 12 months?

If so you can go FHA again, but with your credit score you should be able to find a conventional mortgage with only 3% down, and thePMI is much lower.

Mortgage companies only look at revolving debt.  Cable, electric, cell phone, etc do not count in your DTI.  Pull your credit report and add up your monthly mininium payments.  This is a good idea what will be in your DTI ratio. 

I used a 25% current debt ratio for you.  I believe you would still qualify for a total monthly payment of 2800.  

[tdh2007]

Thank you for the concise information!