Question about mortgages

You'll be able to obtain another mortgage so long as your income qualifies for it. Debt to income ratios can change, but right now figure that all the expenses on your new mortgage including taxes and insurance should not be more than 31% of your income, and your total expenses should not be more than 38% of your income.This of course includes the expenses associated with your new mortgage and your existing one and credit card debt. Your fico score should be very good.

wwww.esfunding.instantlender.com

mortgage broker

assuming i can rent out the apartment, would i be able to subtract that expense from the ratio?

if my ratio is higher than 38%, would one option be to pay down the first mortgage before I can qualify for the second one?

newguy97,
I would be careful. Look at the discussions currently going on in the Financing category. All the rules seem to be changing as we type! Who knows what the situation will be in a year.

At the risk of sticking my nose in someone's financial affairs that I know next to nothing about, how on earth can buying a second condo while unsure of the fate of another contracted purchase represent "hedging"?
Rent a place while the dust settles. What are you going to do if you do get a mortgage now and then are denied funding when your other contract comes do? Walk?

due