Home Buying in Calabasas>Question Details

nj10, Home Buyer in Redlands, CA

How much mortgage downpayment is required to buy a second home in Calabasas, CA?

Asked by nj10, Redlands, CA Mon Apr 15, 2013

We are young working professionals with kids and have the mortgage on our primary residence paid off, no debt. Looking for a weekend home in Calabasas (about 70 miles away) as we love the city and surrounding areas. Would eventually like to make it our retirement home.

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3% if you go conventional, 3.5% if you go FHA. If your needing a Jumbo Loan I think it depends on your credit score but between 5-10% down for Jumbos.
2 votes Thank Flag Link Sun Sep 29, 2013
Typically you're looking at 20% down for investment property and with 25% you'll get an even better rate. Talking with a lender is a good idea to get all of your options.
What neighborhoods in Calabasas will you be interested in? How old are your kids? Schools here are excellent. If you'd like more info on the different neighborhoods or the schools, we're happy to help.
Missy and Jason Improta
Ewing & Associates Sotheby's International Realty
1 vote Thank Flag Link Mon Apr 15, 2013
there are ways to structure your deal given the facts that you have mentioned to allow you to put the least amount down while obtaining a mortgage payment that is comfortable for you and your family.

remember a 2nd home needs to be at least 50 miles apart from your primary residence and must be in a resort like area, so youre all good to go in that area!

i am a lender but i also grew up in Calabasas. i absolutely loved growing up there, it was so plush and beautiful and SAFE. I recommend looking into homes and obtaining a loan / mortgage in calabasas sooner than later as interest rates are going up and so are home prices. NOW is the time to buy :)

you seem like a great fit with calabasas, especially with your growing family and children!

Shaida Tafreshi loan officer 818-917-0929
0 votes Thank Flag Link Tue Jun 18, 2013
Hi, typically it would be 20% down, however you could put a lower down. If you'll call me i'll let you know how, it's nothing against the law, just a trick of the trade. You can call me at 818.903.4749, I promise I won't bug you. I'll just let you know what to do.

Best, Sheryl

Sheryl Thornton
Rodeo Realty
0 votes Thank Flag Link Tue Apr 16, 2013
The average down payment necessary is 20%. You may be able to find something for less but i would plan for 20%.
0 votes Thank Flag Link Mon Apr 15, 2013
The Key word is "Second Home". While most people are looking for investment properties these days, those loans usually require a 20% down payment unless you buy a FNMA home and do a Homepath Loan which only requires investors to put 10% down and without PMI.

A second home could mean you want to buy a home in resort area, or an area at least 30 miles away from your existing home. Another option is if you want to buy "Another" home. You can actually buy another home and put as low as 3.5% down if you have equity in your first home. If you have any questions regarding your options, please feel free to contact me.

Best of Luck!
Web Reference: http://www.AFN-Loans.com
0 votes Thank Flag Link Mon Apr 15, 2013
It really depends on What type of loan your doing. I would happily connect you with top of the line lenders who can quote the exact numbers for you. It is a beautiful place to live for all life cycles. Its central location to the city Malibu and Westlake Village make it ideal for you. My office is here in Calabasas, Feel free to email me at Getzels@getzelshomes.com or call me at 818 535 5337.
0 votes Thank Flag Link Mon Apr 15, 2013
Typically the down on a second home is 25% but given your primary is PIF, would certainly be very attractive to a lender.
My buyers love First Capital Mortgage, Dan Gat..(310)458-0010 dangat@firstcapitalmtg.com
Calabasas has one of the best school districts, and many lovely homes in all price ranges.
Please feel free to contact me Susan@SusanBour.com
Susan Bo'ur Realtor
Coldwell Banker
0 votes Thank Flag Link Mon Apr 15, 2013
Usually it's about 20-25% down for investment property/second home , however If you mortgage paid off you may obtain financing with even much much lower down payment.

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0 votes Thank Flag Link Mon Apr 15, 2013
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