To find out what best loan possibilities you may have for buying a second home, you definitely need to discuss your options with a reputable & knowledgeable Lender/ Loan Officer. If you don't have anyone particular in mind, call Randy Jones|Sr. Loan Officer @ Monarch Mortgage
10611 Balls Ford Road Suite-130, Manassas, Va 20109
Off: 571-292-3801, Cell: 703-919-6258
- He is a Certified Mortgage Planning Specialist & have more than 16 years of experience. He'll be able to answer most of your questions over the phone and will discuss your options in detail.
If you're not working with a Realtor, I can surely assist you!!
Feel free to Call / Email me & I'll send you a complete list of available inventory in your preferred area & criteria. Looking forward to be of service.
Faiza Alvi - Realtor®
Prince William Realty, Inc.
Army wife and Veteran
Move4 Free Realty
571-292-5377 x 112
Lews is correct. Most lenders will require a min of 20% down, and most PMI agencies will shy away from giving PMI coverage to a second home. Some lenders may also require you to have up to 6 months reserves for both properties after closing costs. Speak to your bank or credit union first to see what they're willing to do (primarily regarding avoiding the 6 month reserves requirement), then speak to a direct or cooresponding mortgage lender/broker next to compare rate, costs, and time to close. Where the latter may have a 6 months reserve requirement, they'll probably beat your bank when it comes to interest rate, customer service/communication, and time to close.