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Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
Most mortgage programs out there will take what ever you claim on your tax returns for income, and subtract any costs for your rental property (including your mortgage) from that to get your net rental income. Then they will add your income to that to get YOUR net income.
That will be how they calculate your debt to income ratio, and generally you need to be below about 40 to buy a second home. Some will allow up to 46%. The best advice is to talk to a mortgage lender in the area you are looking to buy, give them all of the specifics, and let them make a determination.
When it comes to rental, they generally want to see at least 2 years of steady rental income. It sounds like you have that, so i would think you would be ok. Like I said, speak with a lender in your area.
Best of luck,
It's more than real estate. It's RAYL-Estate!
Keller Williams Elite - Dallas, TX