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Cathryn Blair-Bennett
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Experience:
Lic. Mortgage broker for First Capital Lending
September 2002—present
Though I am a Licensed Real Estate Professional, I am also a Lic. Mortgage Broker. I…
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Though I am a Licensed Real Estate Professional, I am also a Lic. Mortgage Broker. I…
About:
I have been a licensed realtor for two years and a Licensed Mortgage Broker for six years. I went after my real estate license so I could thoroughly understand
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Cathryn Blair-Bennett answered:
This type of payment is on its way out due to our friends Fannie Mae and Freddie Mac. It seems they no longer wish to insure second homes and investment properties. Therefore you will need to put down a minimum of 20% with most banks. There are a few out there offering 10% down, but those entities have either not yet conformed to the Fannie and Freddie guidelines and they soon will be or they service their own loans.
The up side is there is no PMI once you put in the 20%.
The up side is there is no PMI once you put in the 20%.
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