Foreclosure in Allen>Question Details

Jose, Home Buyer in Atlanta, GA

how hard is it to get a loan for a second home,with excelent credit and 20k dw(100K LOAN)?

Asked by Jose, Atlanta, GA Fri Oct 17, 2008

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3
Jose,

We really just need to check for you. It will depend on your credit score, income, debts, assets, etc. Let's get you with a loan officer to find out and get you preapproved. Call me if you need a referral.
Web Reference: http://www.teamlynn.com
0 votes Thank Flag Link Fri Oct 17, 2008
Bruce Lynn, Real Estate Pro in Coppell, TX
MVP'08
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Not any harder than an owner occupied, really.
As long as your income can cover both homes, you will be fine.
0 votes Thank Flag Link Fri Oct 17, 2008
Dear Jose,
It really depends on your income and whether you can go full doc (show income taxes, bank statements, etc.). on average, nowadays the banks want to see close to 25% down with excellent credit score, full doc. If you can show that you are going to RENT this house, and you already have a good tenant in place for it with a good credit and capable of paying the market rent, then your chances would be much higher to get a loan. Keep in mind that you will not get the prime rate since this is a second home.
0 votes Thank Flag Link Fri Oct 17, 2008
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