Profile picture for kohdesign

Is putting less that 20% down (on a second home) possible in NY state?

My lender is saying I need at least 20% down for a conventional loan - is there another type of mortgage available in NY state that I could put 10% down? I am willing to pay PMI, but my current lender is saying this is not an option. Please advise!
  • October 21 2013 - Riverhead
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Answers (13)

Below is a list of the programs available to you in NY, CT & NJ. For information on rates you must reach out by my profile since I am not allowed to post rates in this section.

THE FOLLOWING PROGRAMS ARE AVAILABLE FOR UP TO 90% SECOND HOME- (1 UNIT ONLY)

30 Year Fixed
20 Year Fixed
15 Year Fixed
10 Year Fixed
10/1 ARM
7/1 ARM
5/1 ARM

You can contact me by my profile in case you have any questions or concerns about your specific scenario.

Good Luck!!!!
  • February 21
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It may be that the lender you spoke with requires 20% down, however, the lenders I'm delegated with only require a 10% down payment and NO PMI for 2nd Homes. This is why it's so important to receive accurate information from a trusted and knowledgeable source. Please contact me at your earliest convenience so we may discuss the details in greater depth and weigh out all of your available options; my contact information can be found within my profile.

Kindest regards,

Paul F. Marzolla
Sr. Mortgage Advisor

  • November 11 2013
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When you say 2nd home do you mean "vacation home" or do you plan on renting out this home at all?  If renting then no 10% down but if not and it qualifies as a 2nd home/vacation home 10% if available to those that qualify.  Feel free to contact me via my profile if you would like to discuss.

  • October 26 2013
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It is definitely an option. Feel free to contact me for further information. Riverhead isn't too far from our office if you prefer to meet face to face.
  • October 23 2013
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You will have to qualify with both payments but 10% down is doable and there are ways to manage the mortgage insurance so that you do not have to pay it on a monthly basis.
  • October 22 2013
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Profile picture for kohdesign
Thank you all for your replies...
Loan would be on a second home - we are pre-qualified for this - a purchase price up to $400K with a min of 20% down. Trying to obtain a mortgage for 10% down of a purchase price of $350K. We have a mortgage on our primary home but are well over the 80/20 ratio. Credit score over 740. Just trying to see if it is at all possible to get a mortgage today with less than 20% down on a second home. What are our options?
  • October 22 2013
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Details, details...
  • October 22 2013
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You'll see that none of the respondents have asked about the loan amount (or score, or property type, etc) so I assume none of them have any restrictions in that matter; should you for example be trying to borrow $2,500,000.
  • October 22 2013
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There are several options available with that amount of down payment. We are a Direct Lender in 50 states. Please visit my profile if you would like more information.
  • October 22 2013
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Profile picture for Chris Corica
Yes 10 % is fine. Feel free to contact me through my profile for a no cost, no obligation rate and fee estimate.
  • October 21 2013
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You can do 10% down on a second home with a multitude of lenders and the loan can be structured so as to not pay monthly mortgage insurance.  If you would like to contact me through my profile, I can put you in touch with a licensed loan officer in my group to help out.
  • October 21 2013
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I have a purchase product that only requires 10% down without mortgage insurance & Investment properties are included! Contact me through my profile if you're interested.

GL
  • October 21 2013
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Yes, you do have other options. I am a Senior Consultant with a National Lender, and do much of my business in NY. Please feel free to contact me through my profile at anytime. Thank you and good luck.
  • October 21 2013
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