How much mortgage downpayment is required to buy a second home in Calabasas, CA?

Asked by nj10, Redlands, CA Mon Apr 15, 2013

We are young working professionals with kids and have the mortgage on our primary residence paid off, no debt. Looking for a weekend home in Calabasas (about 70 miles away) as we love the city and surrounding areas. Would eventually like to make it our retirement home.

Help the community by answering this question:

+ web reference
Web reference:

Answers

9
Jessica Bate…, Agent, Beverly Hills, CA
Sun Sep 29, 2013
3% if you go conventional, 3.5% if you go FHA. If your needing a Jumbo Loan I think it depends on your credit score but between 5-10% down for Jumbos.
2 votes
Jason & Meli…, Agent, Calabasas, CA
Mon Apr 15, 2013
Typically you're looking at 20% down for investment property and with 25% you'll get an even better rate. Talking with a lender is a good idea to get all of your options.
What neighborhoods in Calabasas will you be interested in? How old are your kids? Schools here are excellent. If you'd like more info on the different neighborhoods or the schools, we're happy to help.
Missy and Jason Improta
Ewing & Associates Sotheby's International Realty
310-597-1914
missy@improta.com
1 vote
Shaida Tafre…, , Manhattan Beach, CA
Tue Jun 18, 2013
there are ways to structure your deal given the facts that you have mentioned to allow you to put the least amount down while obtaining a mortgage payment that is comfortable for you and your family.

remember a 2nd home needs to be at least 50 miles apart from your primary residence and must be in a resort like area, so youre all good to go in that area!

i am a lender but i also grew up in Calabasas. i absolutely loved growing up there, it was so plush and beautiful and SAFE. I recommend looking into homes and obtaining a loan / mortgage in calabasas sooner than later as interest rates are going up and so are home prices. NOW is the time to buy :)

you seem like a great fit with calabasas, especially with your growing family and children!

Shaida Tafreshi loan officer 818-917-0929
0 votes
Sheryl Thorn…, Agent, Calabasas, CA
Tue Apr 16, 2013
Hi, typically it would be 20% down, however you could put a lower down. If you'll call me i'll let you know how, it's nothing against the law, just a trick of the trade. You can call me at 818.903.4749, I promise I won't bug you. I'll just let you know what to do.

Best, Sheryl

Sheryl Thornton
Rodeo Realty
818.903.4749
SheryLLynnThornton@gmail.com
0 votes
Zack King, Agent, Calabasas, CA
Mon Apr 15, 2013
The average down payment necessary is 20%. You may be able to find something for less but i would plan for 20%.
0 votes
, ,
Mon Apr 15, 2013
The Key word is "Second Home". While most people are looking for investment properties these days, those loans usually require a 20% down payment unless you buy a FNMA home and do a Homepath Loan which only requires investors to put 10% down and without PMI.

A second home could mean you want to buy a home in resort area, or an area at least 30 miles away from your existing home. Another option is if you want to buy "Another" home. You can actually buy another home and put as low as 3.5% down if you have equity in your first home. If you have any questions regarding your options, please feel free to contact me.

Best of Luck!
Web Reference:  http://www.AFN-Loans.com
0 votes
Nathaniel Pi…, Agent, Calabasas, CA
Mon Apr 15, 2013
It really depends on What type of loan your doing. I would happily connect you with top of the line lenders who can quote the exact numbers for you. It is a beautiful place to live for all life cycles. Its central location to the city Malibu and Westlake Village make it ideal for you. My office is here in Calabasas, Feel free to email me at Getzels@getzelshomes.com or call me at 818 535 5337.
0 votes
Susan Bo'ur, Agent, Manhattan Beach, CA
Mon Apr 15, 2013
Typically the down on a second home is 25% but given your primary is PIF, would certainly be very attractive to a lender.
My buyers love First Capital Mortgage, Dan Gat..(310)458-0010 dangat@firstcapitalmtg.com
Calabasas has one of the best school districts, and many lovely homes in all price ranges.
Please feel free to contact me Susan@SusanBour.com
Best,
Susan Bo'ur Realtor
Coldwell Banker
0 votes
SERGEY FEDNOV…, Agent, Beverly Hills, CA
Mon Apr 15, 2013
Usually it's about 20-25% down for investment property/second home , however If you mortgage paid off you may obtain financing with even much much lower down payment.


____________________ 
Help with Any Real Estate Transaction - Buy or Sell  

Call me 424-777-9377 -  FREE CONSULTATION!  


Should you have any questions - please feel free to call me Toll Free: 1-855-TRUST-55 (1-855-878-7855)  ext. 777. 


Sergey Fednov 
President - Realtor® 
- Trust Sale Realty - 
Residential & Commercial Real Estate 
_______________________________ 
Toll Free: 1-855-TRUST-55 
Toll Free: 1-855-878-7855 
Phone: 424-777-9377 
Fax: 310-356-4925 http://www.TrustSale.com  http://www.TrustSaleRealty.com 
- We Hire CA Licensed Real Estate Agents - 
Lic# 01896869 
 
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more