Financing in Manahawkin>Question Details

guy845, Home Buyer in 10980

what is the minimum down on a vacation home in manahawkin new jersey? Can you buy with 10 % down without having to pay PMI?

Asked by guy845, 10980 Wed Feb 27, 2013

I have about 300k equity in my first home

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Paul F. Marzolla’s answer
While I would need more information with regards to the property to ensure eligibility, you can obtain Second Home mortgage for 10% down. As for not paying PMI, there are ways to structure your loan in order to bypass paying it. To best understand your specific scenario I would recommend we speak so I may better understand your goals and devise a plan to meet them. I may be reached directly via phone or email; whichever is of greatest convenience.

Kindest regards,

Paul Marzolla
Loan Officer
(201) 957-6768
0 votes Thank Flag Link Fri Mar 1, 2013
You can do it..If you put anything less than 20% down, you will have to pay MTG insurance,
however this can be added into the rate...probably in the low 4's...(depending on your qualifications)
Nine times out of 10 the monthly payment is less than getting a rate in the 3's and paying monthly
mortgage insurance. Please call me if you have further questions 609-636-0075
0 votes Thank Flag Link Tue Mar 19, 2013
Please, Please talk to a NJ mortgage rep...depending on the location of the property there could be other considerations.

If you need some mortgage reps in the southern Ocean County area, contact me at 609-384-6121.
0 votes Thank Flag Link Thu Feb 28, 2013
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