Financing in Buffalo>Question Details

Jdk, Home Buyer in Buffalo, NY

Is it possible to get a mortgage on a seasonal home with only 10% down? The cottage has heat but the water comes from the lake.

Asked by Jdk, Buffalo, NY Wed Mar 9, 2011

We were told we could put 10% down with PMI, but now are being told we need 20% down because the cottage is considered seasonal due to the water supply only being in use during the warmer months.

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Joe Sorrentino’s answer
It you are talking about down at the lake, it is very unlikely. You should really check with a local bank ( M&T, First Niagara, HSBC) who is familiar with the area and will give you accurate information about whether or not the property is mortgagable or not. There have been so many foreclosures in the past two years on vacation properties down at Point Breeze, Angola etc. that it may be difficult. Is the structure on a foundation or piers? Is it a private road with deed restrictions or is it a public road?
Feel free to e-mail me in private to discuss further;

Joe Sorrentino
Associate Real Estate Broker
MJ Peterson Real Estate
Serving the Buffalo-Niagara Region
0 votes Thank Flag Link Wed Mar 9, 2011
Who did you try to go through? I have the same issue but with a drilled well, in NH. I cannot find anyone to do it.
0 votes Thank Flag Link Mon Dec 9, 2013
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