Debt/income
Hey BP, been very curious about my debt to income in regards to purchasing my third property. Here are my numbers.
Make 60 k per year at my job.
1st home receive 2025 in rent .. mortgage is 1575.(not a great deal. My first purchase and did not know what I was getting into)
2nd home duplex.. live in one side. Rent 1150. Mortgage is 1200. I will be moving out and will receive another 1150 for that side total 2300.
The concern I have is I took a loan out to fix the property. I owe 22,000 on it. My payments are 689 a month. Credit score is good. I would like to use a fha loan for the next purchase. Is my debt to income to high and am I jumping the gun? Renting out my second home will help me pay off my debt faster! Thanks for the help!
Ryam