General mortgage guidelines for 2nd property

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Gappi
Member since: Apr 08

Posts: 76
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Posted on: 07-06-09 23:50:20

Hi folks,

I need some advice:

I have a house (310k), I have rented it out and I want to buy second property, my annual family income is 70k so what are the guidelines for purchasing another property? My question is:

1. What percentage do I require for down payment?

2.What does my rental income qualify as?

Please add suggestions or advice will be appreaciated.

gappi

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General mortgage guidelines for 2nd property

Discussions similar to: General mortgage guidelines for 2nd property