: Your combined monthly debt (including both mortgages) should ideally stay at or below 43% of your gross monthly income.
Securing a second home loan generally demands a stronger financial profile than a primary residence. buying a second home loan
: While primary homes often allow low down payments, lenders like Rocket Mortgage typically require at least 10% to 20% down for a second property. : Your combined monthly debt (including both mortgages)
You don't always have to take out a standard 30-year mortgage. There are several ways to leverage your existing assets: FHA Loan Rules for Second Homes buying a second home loan