my wife and i bought our first home. we closed 9 months ago. since that time our savings and salaries have increased. we put down 20% on our home and our note is 170k at 4.25% gives me a mortgage of 858 and our taxes are 550 a month. i am considering purchasing an investment property that will generate some rental income. the property is in the 70k range. i am going to apply for a mortgage but im wondering if we would get approved. we have a combined income of 125k a year. we both have excellent credit. we both have seasoned savings. and neither of us have any debt. (well some cc debt but that can be cleared up immediately if it would matter).
ideally i would get a mortgage with as little down as possible, maybe 5 or 10k, plus closing costs and have a 60k note....are there lenders who will lend 60k for a 30 year fixed? would i be able to get a 5% down mortgage as a second home? would a combined income of 125k get us approved if we already have a 170k note now on our primary home? our gross monthly income comes in at a little over 9k between us both. our monthly payment on our mortgage now is around 1500 which gives us a ratio of about 16%. ??
what would an estimated mortgage payment be of a 60k note at 4.25 % for 30 years? i like 30 years because in my state there is no prepayment penalty with a 30 year note so i can amortize myself at a 15 year rate....
