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Ten percent down for A-tier credit on second home doable with anyone these days?

Is anyone doing a ten percent down fixed-rate mortgage on a second home for A tier credit?  We live a few hours from Atlanta and weekend there often. I am a healthcare professional and would be buying about 30 percent of what I would qualify for as a primary residence.  My first home is paid for AND I DO NOT WANT TO MORTGAGE IT and my CPA suggested we buy a second home for the tax advantages.  But I do not want to put 20 percent down or mortgage my first home under any conditions. 
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February 18 2010 - Lithonia
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Answers (16)

I have to disagree; 90% second home loans are not availible in wholesale, however they are still available thru portfolio lenders with no pmi in some cases. As you can imagine borrower has to be very strong. 

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February 20 2010
You wouldn't need to touch your primary residence.

Being a "health care professonal" your income shoulld be exceptional. The clients I serve in your profession do not find it unreasonable to put 20% to 40% down on 2nd homes and income property. In fact, they are savvy and understand the advantages. ..... Best wishes, Rudi
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February 20 2010
actually RMIC doesn't with the exception of stimulus loans; I spoke too soon; however MGIC does.

I was having a senior moment;bad case of CRS.
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February 19 2010

You have a few options one is with a lenders that offer Radin Mortgage Insurance platinum program; link
Also check into Fannie Mae REO's, they offer high loan to values on 2nd homes with Fannie Mae Homepath program. link
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February 18 2010
The answer that said it was available and MGIC is insuring them is correct. They'll do second home PMI on a 90% LTV purchase loan.  Cannot be in a declining market.  The MI can be priced (including scrubbing for declining market by Zip Code) on MGIC's website.
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February 18 2010
No I just know it's not really available.  And misleading people to think it is is just a waste of everyone's time.
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February 18 2010
I could lie and tell you last month I funded one.  But honestly it's been about a year.  However, I did have a previous customer spark some interest back in November about buying a lake house and 90% was the max ltv with one of our lenders we use out of Tulsa.

Have you had bad experiences with this?
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February 18 2010
That's like saying the Flex 97 program is still available fellas...although the zillow mods seem to believe it it just isn't true.  When was the last time you actually funded a 90% vacation home Jeff?
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February 18 2010
so does RMIC
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February 18 2010
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February 18 2010
Nope
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February 18 2010

Sorry Nic he's correct you can get 90% LTV on a second home.  MGIC insures these to 90% with a 720 score.

Unless this has changed from 12/7/2009. 

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February 18 2010
Norm, you don't know what you're talking about.  20% down is needed for vacation homes.
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February 18 2010
to answer your question; yes. You can get a vacation home with 10% down in many markets.

now for my editorial:
Your CPA is telling you to spend a dollar to save 25 cents. It seems like odd advice. Vacation homes are really a lifestyle choice, not a "tax" choice.
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February 18 2010
You probably need a new CPA!
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February 18 2010
Loans with less than 20% down require PMI, and PMI companies...
DO NOT WANT vacation homes. They are looking to eliminate all risk in the business they take on. Even though you may be over-qualified, you're still purchasing a product they view as "risky".
So even though you "do not want" to put down 20% and "do not want" to mortgage your other home, you may want to re-think about those options.
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February 18 2010
 
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