I am looking to buy a vacation home in Tucson with my budget at 120K. I wanted to know if anyone knows what the requirements (downpayment etc )are for a second mortgage. Also if I am looking by the end of the year when should I get preapproved?
My salary is 79K, my only debt is my mortgage 38K left of a 74K mortgage. I own 20 acres of land valued at 40K outright and have 200K in my 401k, The mortgage is through Chase (originally WAMU) from 7/2001. My monthly payment is $776 which includes taxes and insurance (right now I pay an extra 424 a month principal to pay it off faster).
My scores as of today are 805 EQ and 815 TransUnion.
I plan to use it as a vacation home for a couple of years then sell my home here and move to Tucson full time.
Any help would be greatly appreciated. - Heather
