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I live in California and currently rent a 1bd apt. I am considering buying a home in the Atlanta area so it will currently be a second home. I currently pay $1200 as rent, my gross monthly income is $10,300 and I have zero debts (car paid off, no credit cards, no dependents, no other obligations). I will also be paying 25% down. My FICO is above 800.
Home budget is max $330,000
Questions:
- Can I qualify for the lowest rates for the 2nd home? Currently I see they are around 3.89% for 30 yr fixed
- Is there going to be some additional questioning by the underwriters beyond the usual scrutiny? Would they ask me what I intend to do with the second home?
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