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Texas second home rate Excl credit

Profile picture for finchfamily4
We would like to buy a lake house $50K. We have a primary mortgage. Excellent credit. Great income and little debt. Is 10% down mandatory? Any good ways to cut closing costs? We are very safe and prefer 30 year traditional mortgage.
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April 17 2010 - Clifton
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Profile picture for funds2
At one time 5% down was available in TX for second homes but 10% is min. now.  You could ask Seller to pay all of your closing cost, and use that money for down payment in lieu of you paying your own cloisng cost. 
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April 17 2010
 

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