Financing in Mount Pleasant>Question Details

Alexandra, Other/Just Looking in Rincon, GA

is it possible to get a mortgage on a second home, with less than 20% down?

Asked by Alexandra, Rincon, GA Mon Nov 29, 2010

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7
Dear Alexandra

As Andrew stated, check with more than one lender -- to determine the best offerings and a mortgage professsional you can feel comfortable with.

If you need a few names - let me know.

Best regards,

Maureen
0 votes Thank Flag Link Thu Dec 9, 2010
Check out Homepath.com. Many Fannie Mae properties are being offered home path funding with 10% down on investment or second homes.
0 votes Thank Flag Link Mon Nov 29, 2010
Not a Lender, but work with clients and know that purchasing a second home is much harder than before. I would speak with a "local" bank, hopefully that you bank with. Depending on your income, debt/income ratios and credit history will determine what your Bank will loan. Best Regards.
0 votes Thank Flag Link Mon Nov 29, 2010
Tim,

I'm pretty sure Alexandra is asking a question on Trulia because she does not want to call a lender (like Wells Fargo) to ask.

You'd be short changing yourself if you only contacted Wells Fargo (not a local lender, but rather a national lender). We (Wintrust Mortgage) sell loans to Wells Fargo as well as other national lending institutions. Typically, Wells Fargo is a .25% higher in rate and $3000 to $5000 more expensive in closing costs.

The fico score requirement for a 2nd home purchase is a 680 (for both lender and private mortgage insurance guidelines).

Thanks,
Andrew
0 votes Thank Flag Link Mon Nov 29, 2010
Alexandra there are programs with less than 20 % down, the majority ar 10% programs but have some very high criteria for credit. your bets bet is to neet with a local and trusted mortgage broker who can check your credit and financials and let you know what pograms are available for you. they can outline the rates, requirements and costs of each.

Please see my blog for mor einfo, advice and tips on getting a mortgage in todays market
0 votes Thank Flag Link Mon Nov 29, 2010
I was talking to a lender from Wells Fargo the other day and she mentioned that they do have loans that require less than 20% down. I am sure your credit must be stealer and you will need a high credit score. Call your local Wells Fargo and ask.
0 votes Thank Flag Link Mon Nov 29, 2010
Hi Alexandra,

It is possible to get a mortgage on a second home with less than 20% down. Currently, a 10% down payment is required.

Please feel free to call me at 773-456-9662 or aluett@luettmortgagegroup.com if you would like more information or get started on the approval process.

Kind regards,
Andrew
0 votes Thank Flag Link Mon Nov 29, 2010
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