Is it possible to get a second home loan without giving a down payment?

Asked by Jessie, Salinas, CA Mon Feb 18, 2008

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5
Keith Sorem, Agent, Glendale, CA
Mon Feb 18, 2008
Jessica
Okay, so you need some additional cash and want to use the equity in your home, is that right?
A couple of points:
1. I am not a financial advisor. I do not know your situation.
2. If you need money there are a couple of different avenues:
a) do without
b) Cut back on your spending
c) Increase your income
d) A combination of b and c
e) Get a loan - last option.

If you DO get a loan, how will you pay it back? How long will it take?
I strongly suggest you meet with a counselor to discuss your LONG TERM and SHORT TERM goals. Don't just get a Home Equity Line of Credit and think it's all going to be okay!
0 votes
Jessie, Home Buyer, Salinas, CA
Mon Feb 18, 2008
The second loan I want to get would be my primary home. I'm sorry for the confusion!!
0 votes
Tony Grego, , Indianapolis, IN
Mon Feb 18, 2008
Lots of "ifs" on this one. The answer is yes and no. If the second home will become your primiary residence and it fits the investors guidelines. If not a whole different set of questions. Email what you are trying to do and I will get back to you.
Tony Grego - Indiana Mortgage Broker
0 votes
Keith Sorem, Agent, Glendale, CA
Mon Feb 18, 2008
Jessica
I am confused. Could you please re-state your question so you receive the answers that will help?
Do you mean to ask:
1. Can I get a loan to purchase a second home, investment, or vacation property, without a having to put down a down payment?
2. Can I obtain a second trust deed (meaning my home has equity, I need some cash, can I borrow against my home)?
Please respond.
0 votes
Liz Stevens, , Berkeley, CA
Mon Feb 18, 2008
If you can get financing for a purchase of a home, many times the financing will include a second loan as part of the financing package. Do you mean at time of purchase?
0 votes
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