It does sound like your Debt to Income ratio might be off, a good loan officer can run the numbers for you and give you an answer in minutes...Happy to help you myself, should you wish.
Regards, Jim, American Bank, 703 615 4675
I would guess that your payment on the second home must be around 2000/month including insurance & taxes) and a car payment of 450.00 per month means that your basic payments without other living expenses is about 2500/month and your income is around 3000/month. It doesn't sound like you are in a position to qualify for another mortgage. However your best bet is to consult a mortgage officer who can do a prequalification for you (at no charge) to determine if you have any hope of such a venture. I do have a couple of excellent mortgage officers I would recommend to assist you in meeting your goals. If you would like their information, please let me know.
Best of luck to you.
Myke Triebold, GRI, SFR, LMC
To answer that question you would want to talk with a mortgage lender to see what you qualify for. I would recommend Susan Pace at Hancock Bank in NIceville. 729-8885. She will give you a quick, honest assessment of what payment would be comfortable for you based on your income.
Judy Griffin, Realtor
Keller WIlliams Realty
It seems like you may be cutting it close with the ratios. Without having all the details it is hard to say yes or no for certain. Best to talk to a bank mortgage loan specialist, mortgage broker or lender.
Miami Beach Real Estate Guy