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Can i get a 2nd home without putting 20% down?

I am seeing some great deals in Palm Springs. I would like to see about buying a 2nd home. Does anyone know if banks are lending on 2nd homes for less than 20% down?
Kay
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November 03 2009 - Palm Springs
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Answers (1)

Redheadrules,

As long as it is a 2nd home..ie vacation home and more than 50 miles away from your primary residence, then yes.  Otherwise it will be considered an investment property and you will be required to put at least that much down.

Also keep in mind that you will pay Mortgage Insurance on any loan to values over 80%.

Tammy
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November 03 2009
 
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