Home Buying in Pleasanton>Question Details

Buyer, Home Buyer in Pleasanton, CA

Hi Iam Vivek,

Asked by Buyer, Pleasanton, CA Tue Sep 16, 2008

We have a house and we are planning to take one more house. On our first house the remaining loan is 400K. For the second house we can do down payment upto 80K which would come in 10% down for the range of homes we are looking. Both myself and my husband make upto 230K Can we get a 80% 10% loan or in the present market we have to make 20% down to get a loan. Please advice.

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Hello Hi Iam Vivek,

Please consult an experienced mortgage professional in this changing market. The guidelines have adjusted and make the purchase of 2nd homes (or investment homes) more difficult.
Please contact me at (925) 407-7987 if I can be of further assistance.

Kindest Regards,
Vickie Nagy
Realtor, Empire Realty Associates
(925) 407-7987
0 votes Thank Flag Link Tue Sep 16, 2008
You still can get 90% financing but MI will be attached.

One question to you would be is the status of the value of your current residence. This may come into play with the Fannie Freddie Buy and Bail guidelines. If you would like further information I would be happy to guide you throughout the process and present you with your best options.
0 votes Thank Flag Link Tue Sep 16, 2008
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