Home Buying in Wareham>Question Details

Ana, Home Buyer in Fitchburg, MA

I am interested in purchasing a second weekend home in Wareham, how much of a down payment is required on a

Asked by Ana, Fitchburg, MA Tue Dec 30, 2008

second home?

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Answers

12
Ana,

At the moment, the lowest I've read is 10% on a second home/vacation property. However, there are programs out there that will allow you to make improvements to your second/vacation property that get appraised on and wrapped into your mortgage. Much like the FHA backed 203K loans. Let me know if you need any assistance.

Corey Sprague
2 votes Thank Flag Link Sat Nov 13, 2010
Ana, Corey's answer is correct. Second homes only require 10% down if your credti scores meet the guideline requirements. Our FNMA Homestyle loan program will also allow you to finance renovations with your first mortgage.

When I read your question, I am wondering if you meant to ask if you could purchase two vacation homes. If you already have a vacation home in Wareham, the next one will be considered an investment property and you will be required to put 20% down.
0 votes Thank Flag Link Tue Sep 4, 2012
Thanks for the info. It is really important to know when buying.
0 votes Thank Flag Link Tue Aug 28, 2012
Most Banks want 20% down but some banks have new loans with 10% down for a non primary residence. Do you want a house close to the water? We have 54 miles of coast line plus some really nice ponds. see http://www.10sunsetisland.com or http://www.2cedar.com for a cottage on Onset Island..
0 votes Thank Flag Link Tue May 17, 2011
Depends on a lot of other personal financial details. Bank requirements are changing weekly so its anyone's guess. Your best option is to contact a mortgage broker and bank (get multiple opinions).

http://territoryre.com
Web Reference: http://territoryre.com
0 votes Thank Flag Link Wed Nov 17, 2010
Much of that will depend on the bank and your personal financial and credit situation. I can put you in touch with a Fantastic Mortgage Broker that has helped several of our clients that could easily anwer your questions. Please email me with your contact information and I will have the Mortgage Broker call you. In the meatime if you wish to contact me I will gladly go over all your criteria and send you some information on homes that match or got to http://WWW.PILGRIMENT.COM and Search for Homes for free on our MLS.
I look forward to hearing from you.
Barbara L H Cabral
Land's End Realtors
Cell: 774-269-3487
Office 508-747-6544 ext. 22
Home Office: 508-224-3135
Email: realtor.hayescabral@yahoo.com
pilgriment@yahoo.com
Website: http://www.pilgriment.com
Web Reference: http://www.pilgriment.com
0 votes Thank Flag Link Thu Apr 22, 2010
Hi,

You might want to call National City Mortgage in Plymouth, MA... Tony Pandolfo 508-746-4750 ext. 116... last I heard he had a 5% down program for "second homes" they have to be 50 miles away to qualify... call him and find out, he is great and non-pushy, plus National City Mortgage lends its own money so they set their own rules.

If it works out and you are looking for a Realtor who knows the Wareham Area... It would be my pleasure to assist you with your purchase.

Gayle Bartlett
Team South Coast
Keller Williams Realty
508-717-9004
0 votes Thank Flag Link Thu Apr 23, 2009
Hello Ana- I just checked out the latest restrictions per all the Private Mortgage Insurance Companies out there- (6 total). Nobody will allow less than 20% down payment on a 2nd/ vacation home anymore- anywhere. So you'll need 20% down minimum.
The only exception might be if a seller might be willing to hold a small 2nd mortgage on the property for you. I'm a lender in Mass and NH, and I'd be glad to try to help you out further if needed.
Thanks, and good luck,
Ken L.
0 votes Thank Flag Link Tue Mar 31, 2009
Hello Ana, Have you found your second home in Wareham yet? Are you working with a real estate professional? I currently have a waterfront lisiting in Onset in Wareham, MA. It is on Sias Point with direct frontage on the ocean overlooking Buzzard's Bay and the entrance to the Cape Cod canal. It is truely a spectacular location and the property is priced well-below assessed value! If you need an agent to help you find what you need in Wareham, please call or e-mail me. I can also help steer you in the right direction for financing your second home. There are many lenders who speciallize in this type of financing! If you are already working with an agent, please have them call me so I can schedule an appointment to show you this great property!
Best wishes,
Lori A. Soares
0 votes Thank Flag Link Sun Mar 29, 2009
I grew up in Wareham, particularly in the village on Onset, and loved it there. Is there a particular section of town you're interested in buying a place?

I would call some banks in the area and see what their rules are for getting a mortgage.
0 votes Thank Flag Link Sat Jan 10, 2009
I agree with the above poster, Each lender has different guidelines. I would like to offer my services to you. I am a full time Realtor who is very familiar with Wareham. Please feel free to contact me.
Brenda
508-360-6902
0 votes Thank Flag Link Fri Jan 9, 2009
There are different lending rules depending on what bank you use so there is no set answer. Generally speaking the banks will be more strict with a second home, i.e higher down-payment or interest rate.

Here is every property currently for sale in Wareham:
http://www.territoryre.com/idx/search.html?search=true&s…

Good luck!
0 votes Thank Flag Link Tue Dec 30, 2008
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