Look at this blog it will help you to learn more about your situation.
I've got most of my answers there as well.
Considering this is an investment property the traditional qualifying standards do not apply. Michael is looking at this loan as if it is your income that qualifies you for the loan, this is not how it works. This loan is a commercial loan and the income from the property (not the borrower) will determine its eligibilty. Commercial lenders are typically looking for a LTV of under 80% and the property should debt service around 1.25%.
On Trulia you will find an abundance of residential mortgage advise but when it comes to commercial you may want to look elsewhere. I handle alot of small commercial loans and I would be more than happy to look at this for you.
It all depends on how much of a down payment you will be using. If you are buying a property for $5,000,000 and only seeking to obtain a mortgage for $800,000.00 you will not have a problem. If the house you are buying is for $801,000.00 forget it.
Do yourself a favor and speak to a mortgage banker, have them look at your credit report, last two years tax returns and last three months bank statements. Then ask them how much you can borrow. This is the only true way to get an accurate answer to your question.
If I can be of further assistance, please let me know. Good luck!
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, inc.
Office: (718) 645-1665
Let's see: 80k/12= 6666.7 gross monthly income before taxes.
800k Loan at say 6%= $4800 principal and Interest, plus ~ $450 tax/ins= $5250
Add in 75% of rents for a vacancy factor. Doesn't look too good. You need to be under a 45% debt ratio.
How much are you going to put down? How much do you have in reserves after the down payment?