I will have 65k to put down as a down payment, but DTI is high.
Hello,
I am interested in buying a second property to rent out. My husband and I own one property that we are currently renting out, and we are living with his in-laws to save money for another down payment for a house. So far, we have about 40k saved and planning to have about 65k saved by the end of the year. We aren't looking until the end of the year to purchase a second home and we are looking around the 200k range. Our current mortgage right now is $750 a month and we are renting it out for $1700. We have no other expenses except car insurance. We both only work part-time so our DTI will be pretty high when we apply for a second mortgage. If I calculated it right it should be around 50% if we get a second property with an $1100 mortgage. What types of loans are available for us, if any?