Zillow Advice: Home Equity Loans - Want to buy second home and have equity on first one http://www.zillow.com/advice-thread/Want-to-buy-second-home-and-have-equity-on-first-one/441516/ Zillow Advice | Zillow Real Estate On conventional loans, depending ... http://www.zillow.com/advice-thread/Want-to-buy-second-home-and-have-equity-on-first-one/441516/ On conventional loans, depending on qualification requirements, you may be able to put as little as 3% down and ask the seller to pay a one time fee to eliminate your monthly mortgage insurance. I do this all the time. Thu, 10 May 2012 20:27:00 GMT http://www.zillow.com/advice-thread/Want-to-buy-second-home-and-have-equity-on-first-one/441516/ 2012-05-10T20:27:00Z I would try this creative ... http://www.zillow.com/advice-thread/Want-to-buy-second-home-and-have-equity-on-first-one/441516/ I would try this creative option. &nbsp;Go to <a rel="nofollow" href="http://www.homepath.com">www.homepath.com</a>&nbsp;and find a home you would like to bid on. &nbsp;These are Fannie Mae-owned homes in all varieties of conditions. &nbsp;Find a HomePath Lender and explore all of the options that you may qualify for... including as little as 3% down/97% LTV that has NO Mortgage Insurance, NO appraisal required, and other features. &nbsp;These are the easiest loans I do! &nbsp;I don't have a lot of other options, other than doing an 80% 1st mortgage and a 9.9% 2nd mortgage to avoid mortgage insurance and only have to have 10.1% down. &nbsp;Good luck. &nbsp;-Mark Thu, 10 May 2012 19:28:00 GMT http://www.zillow.com/advice-thread/Want-to-buy-second-home-and-have-equity-on-first-one/441516/ 2012-05-10T19:28:00Z If you have a FHA loan on ... http://www.zillow.com/advice-thread/Want-to-buy-second-home-and-have-equity-on-first-one/441516/ If you have a FHA loan on your current home, you will not qualify for another FHA. Assuming that your credit is OK, you should be able to put as little as 3% down on the new home, with a&nbsp;conventional&nbsp;mortgage. You will not be able to use the rent on the current home as income, unless you have at least 30% equity in that home. Sun, 06 May 2012 15:54:00 GMT http://www.zillow.com/advice-thread/Want-to-buy-second-home-and-have-equity-on-first-one/441516/ 2012-05-06T15:54:00Z If you don't receive an answer ... http://www.zillow.com/advice-thread/Want-to-buy-second-home-and-have-equity-on-first-one/441516/ If you don't receive an answer from a lender, try emailing your scenario to one of our lenders in our <a href="http://www.zillow.com/directory/">directory</a> Fri, 04 May 2012 21:14:00 GMT http://www.zillow.com/advice-thread/Want-to-buy-second-home-and-have-equity-on-first-one/441516/ 2012-05-04T21:14:00Z