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Answers (7)
- Terri Linnell, "DebtsNMesses"
- Contributions:6728
Remember, most of the time they do not have any stipulations on the loans to verify that you move into it. You can tell them you intend to move in, and get an owner occupied loan. That should be a lower interest rate, and a lower down payment requirement than an investment type home loan.
- Lisa Reeves, "Lisa Reeves"
- Contributions:191
Depending on the equity on your primary residence and what you are buying the second home for - you could do a FHA if you are doing a primary residence and you have plenty of equity or if it is investment then you will need anything from 20-30% depending on the property. If you are buying a condominium you may need all cash. Contact my mortgage broker Kevin Reeves at 813-728-4992 or kevinsreeves@gmail.com for assistance.
- Kim Cybulski, "Kimmee"
- Contributions:108
Obviously you need to talk to a lender. With that said I work in a predominately second home market in Vero Beach FL. Currently ranked the lowest prices in the nation. Most of my customers pruchasing are required to put 20% down. Where are you purchasing? I am networked with the top agents across the country and can refer a great agent!
- CJ Brasiel Broker Assoc, "CJBrasiel"
- Contributions:186
The usual is 20-25% on a second home (read investment property). However, it also depends on your over all financial situation and the ratios, rent, etc that will be affected by the property loan amount. Check with a lender.
- Michael Emery, "MikeEmery"
- Contributions:7283
Is this a vacation property or an investment property?
The downpayment and interest rate can vary between the two.
The downpayment and interest rate can vary between the two.
- don bro, "Broker_Dave"
- Contributions:41
20% down payment is required for all loan programs that I use for second homes.
- Allison Ables, "Gainesville Realtor"
- Contributions:458
You will need to talk to a lender, preferably in the area you are thinking of purchasing in. There are lots of options, including borrowing money against your primary home to use as the down payment for your second home (assuming you have equity in the first home). The mortgage market is constantly changing, so it is best to consult someone who keeps up-to-date on all those changes.
i want to purchase 2nd home.how much down payment is required..thanks
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