Posted by JT-IN on May 13, 2007 at 17:55:49:
If you purchased the property for 490K and financed 100%, and assuming an int rate of 6.5% (which you may get an even higher rate due to credit score), the Principal and Interest is $ 3100 per mo. Then factor in taxes and insurance, you are probably at the 4K per mo figure total pymt. Sure you may get some rent to offset a little of it, but no one is going to loan that amt of mtg on your income. Sorry.
This shoe just doesn’t fit right now.