So you say “Who Can Afford a 2nd Home Anyway?” The answer is mostly likely, You Can!
Many people have their dream of buying a 2nd home, a vacation retreat of their very own here at Lake Of The Ozarks but they believe the reality of it is so far off. They feel they will never have enough money to put down for the down payment or have to pay for it cash.
Well, that is not necessarily the case! Many people who purchase their 2nd home can get into it for as little as 10% down! The lenders focus more on what your debt to income ratio is. Debt to income ratio is the percentage of your total debt, not including utilities or insurance, but actual monthly credit or loan obligations that you have. In most cases your total debt to income ratio can be as high as 50%.
What does that actually mean? It means all your total monthly installment or loan payments can total as high as 50% of your income. That gives most people more cushion to qualify for that dream they have of owning their very own vacation destination!
Speaking with a qualified lender, who is experienced in 2nd home financing can explain this in detail. So don't give up the idea of having a vacation retreat here in Lake Of The Ozarks of your very own. The dream is closer than you think.