How do I know how much second home do I qualify for?
How much second home can I afford given the following scenario: I bought my first home two years ago paying $2700 a month on the loan. I have no other debts. My credit score is 780. Gross income is $180k a year. I plan to rent out my primary home. I can afford a $40k down on the second home. How do I calculate how much of a second house can I qualify for? by johnny959 from Belleview, Florida. Oct 27th 2022
Dave Skow (daveskow)
#15 ranked lender in Washington - 455 contributions
Johnny - thanks for the post ...get formally pre approved to know for sure ....fyi -you might rephrase the question to say " new primary home " versus " second home " as this will be helpful ...based on income / debt and assuming credit score >740 - the new loan amt you can qualify for should be approx 775K - 750K based on renting the present home and a min down payment of 5% of purchase price - let me know if you would like a loan oficer referral in FLA - thanks Dave SKow Movement Mortgage 206 714 9745
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