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how do i get a 2nd mortgage on a fha loan

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April 11 2013 - Town of Janesville
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I'm interested in buying a second home/ condo and my 1sy mortgage ltv is about 82%, the home value is about $136k and i owe about $110k. Do i pay down more of my first mortgage to get below 80ltv? Or how do i get a second mortgage? Through a small bank?
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March 01
Great question and one that I would refer to one of my trusted lender contacts
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April 15 2013
As Clay said.  As always look at all of your options with a mortgage professional if you do have some equity maybe you could refinance the 1st mortgage into a conventional and get an 80% first mortgage and a 10% second mortgage to eliminate mortgage insurance.  If you just recently purchased and put the minimum amount down you will probably not have any equity yet.   
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April 11 2013
Just like you would if you had a conventional loan. You need equity. What is the current loan balance on your first mortgage and the estimated value of your home?
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April 11 2013
 
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how do i get a 2nd mortgage on a fha loan
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March 01 | 4 answers
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