Renting an apartment while getting a rental property
If I am renting a place to live in, does that count as part of my debt to income ratio when attempting to acquire an investor loan for a rental property?
Hypothetical example:
Income 5k per month
Rent 1.5k per month
Potential mortgage: 2k per month?
No other credit card, student or car debt.
Will a mortgage broker look at the finances and say no, you can’t afford both your personal rental and an investment property since combined they become over 43% of income?
Also, after the down payment, how many months of rent required to have in savings?
Are there any other costs besides the mortgage, taxes insurance, repairs, and vacancies that I need to be aware of?
Thanks