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Can I buy a second house with a conventional 97 loan (only giving a 3% down payment?

I already had a FHA mortgage on a house in Georgia.  I had to move out of the state due to a job assignment and I am currently renting this house.  I have been offered a permanent position in Georgia and I would like to buy a second house to be my primary residence (the current house that I have is about 2 hours away from the office).
Can I apply for a Conventional 97 loan for a second house?  I think I have enough income and excellent credit.

Thanks
  • June 10 2013 - Fayetteville
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Answers (4)

You may also qualify for a Homepath Investor Loan with a 97% LTV and no MI.

Like Wayne said, you would need to have a discussion with a loan officer to have a solid yes.

All The Best
  • June 10 2013
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Go Gators!
  • June 10 2013
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Depending on credit and income and debt, a 97% loan should be an option.
  • June 10 2013
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Not possbile to answer your question without more information. Whether rental income and reserve requirements are met would be a couple of issues that would need to be determined.  This is a good time to find a lender in GA to discuss pre approval. If I were looking for a loan in GA I would contact Clay Branch  - cbranch.afm@gmail.com
  • June 10 2013
  • 0Yes

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