How far away from the 2nd home is your primary residence? Is the 40% down + closing expenses your own money? Savings, 401K , etc. ? Are you comfortable with a 45% debt to income ratio and why?
AND other standard qualifications....time on job, full documentation on all ..
The LTV is 60% because I own the land, and the constructed home will cost approximately half of what it will be worth in the location it is in. The home would be in North Idaho, and I live in Portland.
I make approximately $110K, and will have no other debt at the time of construction, so I am personally very comfortable with the 45% DTI.
Your info looks good but in today's credit market you need to talk to a lender to get a full picture. The guidelines vary by the type of loan you're getting, and will be different for a construction loan as well. Its alot more complicated, in today's world, when its a second home.
It doesn't take much to talk with a lender to get an idea. Just get a referral from a friend, or you're welcome to contact me via email and I can give you some recommendations.
Best to you,