Answers (6)
- Robert Adams, "LVrealestateHELP"
- Contributions:474
Rates will be higher on the second home than you primary as well as higher down payments. And yes they will calculate the mortgage payments for both properties in your DTI (debt to income) ratio.
- Spencer Valerio, "SV Home Loans"
- Contributions:27
There may be options as low as 10% down depending on credit score and debt ratios. Your lender will count your current housing payment, current debts and new mortgage loan in your ratios. Make sure you will be using the home as a true 2nd home. If you are going to be placing tenants in the home then you must qualify as an investment property with 20% down.
- Steve Matthews, "Vegas Short Sales"
- Contributions:231
Minimum is 20% for a second home. Is that a problem for you? Email me and we can talk further about it.
Best wishes!
Best wishes!
- frenchteacher22
- Contributions:3
Thank you for the reply
How about the minimum down payment?
How about the minimum down payment?
- Steve Matthews, "Vegas Short Sales"
- Contributions:231
Hello French Teacher,
It is very easy to buy in Las Vegas at this time. Prices are down as well as interest rates, making Vegas a great buy! As a second home, you would be expected to put at least 20% down. So, if the home is $80,000, you need to come up with $16,000 plus a little extra for closing costs, depending on how well we negotiate with the seller to pay your closing costs.
Do you have a price or payment range in mind? If I may help you further, please do not hesitate to ask.
Best of luck, and thanks for reading.
It is very easy to buy in Las Vegas at this time. Prices are down as well as interest rates, making Vegas a great buy! As a second home, you would be expected to put at least 20% down. So, if the home is $80,000, you need to come up with $16,000 plus a little extra for closing costs, depending on how well we negotiate with the seller to pay your closing costs.
Do you have a price or payment range in mind? If I may help you further, please do not hesitate to ask.
Best of luck, and thanks for reading.
- Deborah Garvin, "DeborahGarvin"
- Contributions:449
Debt to income ratios are going to be slightly more restrictive on a second home. I cannot not give you an exact figure because your entire loan package is going to be evaluated. Loan program, down payment, credit, employment will all be evaluated to assess exactly how much tolerance the underwriter will allow on your debt to income ratio. Six months reserves will, undoubtedly, be required. Best of luck to you! I have colleague/friend in LV if you are looking for financing. I have known her for years (from the days I lived in LV).
Are requirements for getting a loan for a second residence the same as a primary residence?
Thank you so much!
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