As Suzanne stated it all depends on your income...you need to be able to swing both payments. I am a local mortgage banker and help you figure out if you qualify...I don't need to pull credit...all I need to do is figure out your total monthly income and your total monthly obligations...with your new payment and all of your obligations new to be 50% of your income. This is just a rough rule...feel free to contact me if you would like more details...take care
There is a foreclosure in your area right now that would be a perfect opportunity. The property is in fairly decent condition-justs needs some cleaning, painting, carpet and scraping. This house should give you some pretty good returns. If you are interested--drop me a line or give me a call.