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Does anyone know a lender who can offer a mortgage on a vacation home in FL with only 10% down?

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July 01 - Fort Myers
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Help me to understand this:

Sure.  You can get a loan with 10% down, but it is not a cookie cutter transaction.  If you want to get more information, please let me know.  There are no guarantees as there are too many unknown variables to account for without having an actual file in hand.

It's a 2nd home, he wants to put 10% down, the MI companies won't insure it. What unknown variables???
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July 07
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Under current guidelines you cannot get a loan on a 2nd home with only 10% down.  You will need at least 20%.  The only way to possibly get this done is if you have a special relationship with your local retail bank.  That is the only potential way of getting this financing done and it is a long shot at best.
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July 07
Profile picture for Ceceri
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Sure.  You can get a loan with 10% down, but it is not a cookie cutter transaction.  If you want to get more information, please let me know.  There are no guarantees as there are too many unknown variables to account for without having an actual file in hand.

Good Luck.
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July 07
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the lender's will entertain it, the guidlines still say you only need 10% down. Unfortunately it requires mortgage insurance and the mortgage insurers won't touch it.

.........  and without mortgage insurance, you can't close.
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July 01
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Wish I knew a lender to give you, but 2 things are hurdles.

1) I do not know a lender who will entertain it
2) I do not think there is a single MI company that will insure it

I am married to an MI gal and I know they will not write the MI for 2nd homes in FL for sure.  Good luck to you though.
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July 01
 

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