We have been considering a second home in Northern AZ for a long time, I heard that lenders are super strict. Are any lenders more lenient than?

Asked by Mary Turnquist, Wittmann, AZ Wed May 4, 2011

others. Our credit is A t but we are worried that lenders may require a bigger down payment than we can handle.

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., , Phoenix, AZ
Wed May 4, 2011

It just so happens I was talking to Pam Wall at Wells Fargo Home Mortgage yesterday regarding this very issue. She mentioned handling loans for buyers in Northern AZ. Give her a call at 602-568-4990 or email, pamela.wall@wellsfargo.com.
1 vote
Melissa Carp…, Agent, Gilbert, AZ
Wed May 4, 2011
Hi Mary,

The Best Way to get answers to your questions is to speak directly to a lender and discuss your specific situation. I reccomend Chad at Crossline Capital. ccarpenter@crosslinecapital.com, 480-329-8793.

Best regards,

Melissa Carpenter
1 vote
Matt Puzz, , Phoenix, AZ
Wed May 4, 2011
Lenders are not really "super strict" just more cautious. As for a second home, it must be at least 75 miles from your primary residence, and you must have 10% down payment in most cases unless you there is a Private Mortgage Company that will allow 5% down. If you are looking for a condo count on placing 20% down. As for your credit that is important but not as important as your overall application with assets and income. I you need assistance I would be happy to help. Good Luck.

Matt Puzz
Licensed Loan Originator
Amerifirst Financial, Inc.
1910 S. Stapley Drive #209
Mesa, AZ 85204
Direct: 602-410-9333
Office: 480-682-6617
Fax: 480-344-3687
NMLS# 213777 AZ LO-0915068
Apply Online: http://www.mattpuzz.com
Web Reference:  http://www.mattpuzz.com
1 vote
Cindy Vedder, Agent, Irvine, CA
Wed May 4, 2011
Hi Mary,

Most of todays lenders have similar criteria. When purchasing a "second home" it is typically considered an investment property which will generally require 10% down with outstanding credit and 20% down with less than outstanding credit.

You can certainly shop your loan as well, just be cautious you do not have alot of lenders running your credit.

There are other criteria to consider and it is best to communicate with a lender directly for your most informative answers.

Congratulations and best of luck.

Cindy Vedder
1 vote
Paula Fouss, Home Buyer, Cordes Lakes, AZ
Thu Sep 20, 2012
Hello Mary,

We happen to have a nice property for sale in Northern Arizona in Spring Valley. It;s listed for $38,900. We may be interested in an "Owner Carry". THIS IS NOT AN ADVERTISEMENT. I'm just trying to get our home sold.

My name is Paula and my cell number is (928) 899-3121. Thank you.
0 votes
Paula Fouss, Home Buyer, Cordes Lakes, AZ
Wed May 23, 2012
We have a home in Northern Arizona, (Prescott Area) and it is on a great .28 acre property for sale. It is a nice mobile and we have spoken with a lender and asked of it can be financed if someone buys it. At the price we have it at for sale the buyer wouldn't have to borrow much. The lender told us they would have no problem financing it when someone puts and offer on it. There are only a few lenders that will loan on mobiles anymore but there are some locally.
0 votes
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