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I currently have a home that is paid for.Looking to buy another one with little down. How to do it?

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October 18 2013 - US
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Answers (8)

"I am not sure if you would be able to qualify for low down payment loans like an FHA since you are not considered a first-time home buyer."
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I must have missed the memo where they made FHA mortgages for first time buyers only! 

Kwanschek, the answer to your question lies in the use of the home you wish to buy. Are you moving into the new home as a primary residence? If so, you can get an FHA mortgage with 3.5% down and you don't have to be a first time buyer. There are also options for conventional financing with little down as well depending on your credit score and qualifications. Post what state you are in and someone should be able to direct you to someone with knowledge of the guidelines.
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October 22 2013
I am not sure if you would be able to qualify for low down payment loans like an FHA since you are not considered a first-time home buyer. Other than that, there are conventional loans with 5% down that lenders like myself can offer. I recommend that you speak with a lender so we can discuss the best loan options for you. If you have any other questions or need a loan please contact me through the information on my profile page. I hope this helps and good luck!
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October 22 2013
Check with your preferred lender and see if it makes more sense to do a Cash Out Refi of your present home and pay cash for the second home.
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October 21 2013
I would be happy to take a look and see what we can do for you.  You can contact me though my profile. Do you intend to live in this new property as your primary residence or hold it some other way?

Regards,
Brynn
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October 21 2013
I would suggest speaking with a local lender to see what you can get pre-approved for.  Once you get your approval, you can estimate what your monthly payment will be.  That can help direct your search.  Sometimes a second home has different requirements for down payments.  Talk to a couple of lenders to compare rates and advice as well.  Good luck!
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October 20 2013
Find a local lender and get Pre-Approved.  Once you are Pre-Approved you will have a good idea of the estimated PITI and your max budget.  Being a 2nd home some lenders may require different down payment minimums, so you should shop around for a few different ones and check.
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October 20 2013
A local lender or mortgage broker can give you financing options.  Whether you use your current house to pull out your down money or perhaps you can qualify for a low down payment loan.

There are multiple criterias which are used when considering mortgage products.
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October 19 2013
I would go to a local lender where you are, tell them exactly what it is
you want to do and take it from there.
They can discuss all the different loans available for you and what works
the best for you.
You might even want to shop around some before you make a decision
on which lender to use cause they will be different.
-Joseph-
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October 19 2013
 
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