Home Buying in Orlando>Question Details

Alexander Pr…, Renter in Orlando, FL

Do I have to have 20% to buy my second home?

Asked by Alexander Prado, Orlando, FL Sun Nov 27, 2011

Help the community by answering this question:


Jacqueline Clarke’s answer
FHA and VA loans can only be used towards the purchase of a prmary residence. They cannot be used to purchase a second home.

Go to http://www.homepath.com for more information on the program and properties that qualify.

As always, feel free to contact me if I can help.

Jacqueline Clarke
Town & Country Mortgage Srvs, Inc.
Cell: 4075917693
Email: jacqueline@tcmflorida.com
1 vote Thank Flag Link Sat Dec 3, 2011
In most cases you will need 20% to 25%for a conventional loan for a second home.

However, you can purchase a second home with a Homepath loan with 10% down. The property must be a Fannie Mae foreclosure. There is no appraisal required and you must have several months reserves in the bank and min.680 credit score.

I'll be happy to provide you more info on ths program.

Hope this helps!
Jacqueline Clarke
Town & Country Mortgage
Orlando, FL
Cell: 4075917693
Email: jacqueline@tcmflorida.com
1 vote Thank Flag Link Sun Nov 27, 2011
If you qualify for FHA or VA, they have some 100% loans available. Check with a mortgage broker in your area to see what options are avaialble and what you qualify for. You can even ask the seller to pay for closing costs and prepaids.
0 votes Thank Flag Link Thu Dec 1, 2011
Hi Alexander,

You can also check with Credit Unions because they don't have to fit your mortgage into the strict guidelines required by Fannie Mae or Freddie Mac. You see, the majority of mortgages are immediately sold to investors and/or Fannie/Freddie so it your mortgage doesn't fit every requirement you will be denied.

Also credit unions offer some of the lowest "lender related" fees, too.

All the best,
0 votes Thank Flag Link Sun Nov 27, 2011
Depends, do you currently hold a mortgage, etc.; visit with any licensed loan officer, after reviewing your overall financial information, income, credit, debt, etc., a determination on qualification can be made; be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously.
0 votes Thank Flag Link Sun Nov 27, 2011
Hello Alexander:
I have seen as low as 10% with an excellent credit score, but with Single family homes only. This does not include condo ownership.

Let me know if you would like to speak with the lender. He is hear locally but with a National Lender.
0 votes Thank Flag Link Sun Nov 27, 2011
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