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Answers (2)
- Brian Brady
- Contributions:117
Vacation homes (2nd home) can be purchased with as little as 10% down (with private mortgage insurance). Condos are a different ball game.
If you are certain you will retire in less than five years, I'd recommend a 5/1 ARM; the rate wil be 4.5%-4.75%; a 1% discount to the 30-year fixed rate.
I'm giving you guidelines for California because I primarily lend in California (although I do lend in all 50 states). Other states have less restrictive guidelines for second homes.
If you are certain you will retire in less than five years, I'd recommend a 5/1 ARM; the rate wil be 4.5%-4.75%; a 1% discount to the 30-year fixed rate.
I'm giving you guidelines for California because I primarily lend in California (although I do lend in all 50 states). Other states have less restrictive guidelines for second homes.
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
Property values are down. That certainly is an advantage. Or is it? Property values will not reach their previous high in at least 10 to 20 years when they start moving upward. You'll still have a "deal" in 4 years.
When your ready you'll probably be able to buy the property with a reverse morgage. Depending on your age you'll need about 50% to 60% down with no further payment.
If that's not for you, I still suggest waiting until you sell your current residence. No worries. No problems. No vacant property. No vandalism. No renters. No mortgage payments. No taxes . No insurance. No maintenance. ... Best wishes, Rudi
When your ready you'll probably be able to buy the property with a reverse morgage. Depending on your age you'll need about 50% to 60% down with no further payment.
If that's not for you, I still suggest waiting until you sell your current residence. No worries. No problems. No vacant property. No vandalism. No renters. No mortgage payments. No taxes . No insurance. No maintenance. ... Best wishes, Rudi
Is 20% down payment required for 2nd home (not primary residence)?Would be primary in 4 yr's.
At retirement we would pay off the mortgage, or at least pay it way down.
Thanks
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