Any Info on buying a home when you already have one.

Hey I am trying to get myself together to apply for another mortgage with my mom.

DH and I just bought our home to live in and my mother and I are want to buy another house to rent out.

I was wondering if the requirements are the same when I go for this mortgage?

Does any one know?

I am wondering if my debt ratio will be ok b/c I am thinking they will count my new mortgage as well.

If this is an investment property then your interest rate will be a little higher...(*edited to say: depending upon the market risk eg: if you have a tenant already with a signed lease with good credit it is less risky than an empty property)

The bank will want to know that the cash flow from the rental will cover the mortgage, taxes, insurance and upkeep (if you are not making the tenant repsonsible).