Zillow Advice: Lenders - Does anyone know a lender who can offer a mortgage on a vacation home in FL with only 10% down?

Help me to understand this:Sure. ...

Wed, 08 Jul 2009 00:30:00 GMT

Help me to understand this:

Sure. You can get a loan with 10% down, but it is not a cookie cutter transaction. If you want to get more information, please let me know. There are no guarantees as there are too many unknown variables to account for without having an actual file in hand.

It's a 2nd home, he wants to put 10% down, the MI companies won't insure it. What unknown variables???

Under current guidelines ...

Wed, 08 Jul 2009 00:04:00 GMT

Under current guidelines you cannot get a loan on a 2nd home with only 10% down. You will need at least 20%. The only way to possibly get this done is if you have a special relationship with your local retail bank. That is the only potential way of getting this financing done and it is a long shot at best.

Sure. You can get a ...

Tue, 07 Jul 2009 21:08:00 GMT

Sure. You can get a loan with 10% down, but it is not a cookie cutter transaction. If you want to get more information, please let me know. There are no guarantees as there are too many unknown variables to account for without having an actual file in hand.

Good Luck.

the lender's will entertain ...

Thu, 02 Jul 2009 01:52:00 GMT

the lender's will entertain it, the guidlines still say you only need 10% down. Unfortunately it requires mortgage insurance and the mortgage insurers won't touch it.

......... and without mortgage insurance, you can't close.

Wish I knew a lender to give ...

Thu, 02 Jul 2009 01:45:00 GMT

Wish I knew a lender to give you, but 2 things are hurdles.

1) I do not know a lender who will entertain it
2) I do not think there is a single MI company that will insure it

I am married to an MI gal and I know they will not write the MI for 2nd homes in FL for sure. Good luck to you though.