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Buying a second house

How much downpayment do i need for buying a second house?  Is there a minimun % required for downpayment?  And can we get any rebates from the govt if buying a second home?
  • April 26 2009 - Woodward Park
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Answers (8)

Tatcilla - the mortgage business is CONSTANTLY changing. I've been in the business decades, and I learned a long time ago to refer you to a quality lender. There are one set of rules for loans that include government backing, and a totally other set for investors, banks, S&L, and credit unions. Please contact me for further help. I won't be selling anything, unless you are coming to South Jersey. My website has [hotlink removed by Zillow moderator]
  • January 16 2012
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How much would I need for a down payment if the second home is going to be my primary residence and I am going to rent out my first home?
  • January 16 2012
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JD,

The most you can hope for is 80% Loan to Value. The cost would be 3% of the loan amount in Agency Fees. At 75% Loan to Value it would go down to 1.75%. Far less costly. Also, you would receive a better rate. .... Best wishes, Rudi
  • April 28 2009
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I am buying this to rent it out to my inlaws.  The trick is that I will also contribute some money towards the mortgage payment everymonth.
  • April 28 2009
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As far as investment properties are concerned, it is a  minimum 20% down.  I am unaware of any PMI companies issuing mortgage insurance on non-owner occupied properties over 80% LTV.

  • April 28 2009
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There are no fed govt "rebates" for second homes or investment properties.  When you say you wanted to use this as an investment propery, are you planning on renting the home?

  • April 27 2009
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I forgot to ask that I wanted this house for investment. Someone told me that I need a 20% down to buy a property for investment.  Does anyone know.
  • April 27 2009
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JD,

No special Fed "deals" on 2nd home or investment.

If you are looking at Conforming up to $417K you will need at least 10% down. On Conforminjg Jumbo it would be 20% down. Over that at least 25% down. ... Best wishes, Rudi
  • April 26 2009
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