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Answers (5)
- LSmith89
- Contributions:5
We just mortgaged a second home with 5% down (I guess that would be LTV 95%?) and our lower median credit score was a 697.
- shapiroamg
- Contributions:3058
All lenders should have 90% financing on a Second/Vacation home. Its finding the PMI that may be an issue.
- joe carbone, "joe carbone"
- Contributions:6
The second home being a single family, vacation property.
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
Fannie Mae allows 90% LTV with a 680 FICO Score or better. You may also find a seller that would be willing to carry a 10% 2nd. That would eliminate the need for mortgage insurance and you may be able to pay that down a lot faster than eliminating your mortgage insurance..
Happy funding, Rudi
Happy funding, Rudi
- Joe Cafiero, "Joe Cafiero"
- Contributions:3221
Yes they are. Just have to be careful with mortgage insurance companies having their extra layer of guidelines. Also watch out if the second home you are looking at is a condo. Yet another layer of guidelines. Happy to provide more information. Contact me through my profile.
Second Home LTV
With good credit are banks offering second home loans with a LTV of 90%.
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