Financing in Littlerock>Question Details

Renan, Other/Just Looking in California

i own a home already.can i get 100%financing for a second home?i have good credit

Asked by Renan, California Mon Feb 4, 2008

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Answers

5
No

There are programs for primary residences that will allow you to finance 100% - but second homes are not an option.
0 votes Thank Flag Link Sun Mar 21, 2010
Renan
Please ask a mortgage lender. There are a lot of questions that would have to be answered first to see if there was a program(lending) that you qualify for.
Please ask your lender about USDA loans.

Best wishes
Sherry Ferfes
661-524-5560
0 votes Thank Flag Link Sun Mar 21, 2010
If it were Owner Occupied, you could potentially come in with a 0 down payment loan program on a "fannie mae" community homebuyers program (as long as it was not identified as declining market values in the area the property is). Otherwise FHA is still available with essentially a 3% down payment in most cases. Both programs are requiring full income documentation, unless you have a 5 or 10% down payment and a 680 score.

On a second (Vacation) home there is no program I know of with a 0 down payment right now.......unless you can convince a Seller who has no mortgage on the property to "carry back" (provide) ALL of the financing themselves and let you come in with no down....highly unlikely to find someone willing to do that.

Realistically.....the maximum you are likely to find on a 2nd home is 90% financing (10% Down) on a "conventional" loan...meaning qualifying with full income documentation and a decent credit score. Mike Stone, Broker in Los Angeles, CA 818-481-8555
0 votes Thank Flag Link Wed Feb 13, 2008
Renan 100% financing is available still for Primary residences, but with the state of the mortgage market currently the chances of getting traditional mortgage for 100% financing for a second home are slim to none. The reason being if you were to fall on hard times which loan would you stop paying first.
There is however a loan that does allow 100% financing, thisloan in known as a "pledged asset loan". If you have non retirement savings or investments equal to a minimum of 20% of the purchase price (depending on the type of investment it may be more) , you can qualify for this type of loan without having to liquidate those accounts. This type of loan is not allowed in all states though. If you want more details about this type of loan or have any furthur questions please send me an E-mail at cgrushin@gateway-funding.com
0 votes Thank Flag Link Wed Feb 6, 2008
Renan,

This question needs to be answered by a good mortgage provider. I do not know of any current programs that offer 100% financing, but these programs change all the time. Please contact me if you'd like a good lender referral.

Karen Miller
562-756-4144
0 votes Thank Flag Link Mon Feb 4, 2008
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