is there any way to buy a second home without having to put down 20% other than homepath financing?

Asked by Srumaker, Cape Coral, FL Thu Mar 31, 2011

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Steve Geving’s answer
Steve Geving, Agent, Fort Myers, FL
Wed Nov 21, 2012
Second homes have a minimum down payment of 10 percent. Though I have been a realtor for many years, I was a lender for 14 years. Feel free to contact me with any and all of your real estate questions.

Steve Geving
Jones and Co Realty
0 votes
, ,
Thu Mar 31, 2011
Actually Homepath allows you to buy a second home with 10% down as long as it is a single family residence(SFR). If it was investment you could do it with 15% down Both would require a 660 credit score. A regular conventional loan allows you to buy a SFR second home also with 10% down, provided you had a 720 or better score. A condo would be 20% down. The question is whether it truly is a second home or an investment property. A second home would have to be a certain distance away from where you live to qualify as a second home. Otherwise it is an investment home. Either way you would have to qualify with both your present and future mortgage payments.

Jose Morales
Florida Mortgage Coach
“We Coach You Through the Mortgage Process”
3 votes
Robert G, , Cape Coral, FL
Tue Jul 10, 2012
We offer second home financing with 10% down, and an interest rate in the 4% range. We are a lender here in Cape Coral. If you need help, it would be my pleasure to assist you.

Robert Guth
Licensed Mortgage Broker
Genesis Lending Group
1 vote
I am looking to purchase a second home. It is a short sell and I am looking to mortgage with than 20% down. My credit scores are around 811 as well are my wife's.. Is this a possibility?
Flag Wed Sep 18, 2013
Just to clarify, we can offer 90% conventional financing. No private lender, no creative financing with a horrible rate. Pretty straight forward pricing and product. Of course with less than 20% down you will have mortgage insurance.
Flag Wed Jul 11, 2012
Jay LaGace, Agent, Cape Coral, FL
Thu Mar 31, 2011
Even with homepath you will need 20%, homepath is geared to owner occupants...
There are a few Owner financed homes available. Usually higher priced, and most of them want 20% also, but I know we have done a few with as little as 5% down...
Good luck

Jay LaGace
LaGace & Whitt Partners
RE/MAX Realty Team
2326 Del Prado Blvd. S.
Cape Coral, FL 33990
1 vote
Terry McCarl…, Agent, Cape Coral, FL
Thu Jul 12, 2012
Speak with a local lender - you have options. 20% down is always best but with our prices here in Cape Coral starting to go up somewhat I can see why you wouldn't want to miss out on a great deal while trying to save more of a down payment.

Feel free to contact me if you have other questions or if I can be of assistance with your home search.

Terry McCarley, Realtor®, CDPE
Jones & Co Realty
phone: 239-707-4575
0 votes
Marc Comisar, Agent, Bonita Springs, FL
Mon Apr 4, 2011
Lets hope not......We got into this mess for a reason.
0 votes
10% down and an interest rate at 4% isnt how we got in trouble. Do you turn away buyers who want to buy 2nd homes? I doubt it.
Flag Tue Mar 12, 2013
Megan Eister, Agent, Fort Myers, FL
Sat Apr 2, 2011

I do have a source that will loan 90% on second homes. (A private lender with about a point and half bump over prevailing interest rates) Bankruptcy is okay, but no existing judgements. Another option would be to purchase a Seller Finance home with the goal to qualify for a mortgage in 2 to 3 years.

Good Luck,

Megan Eister
Broker, Florida WestShore Realty
0 votes
Alma Kee, Agent, Tampa, FL
Fri Apr 1, 2011
If you can find the "rare" VA owned foreclosed home you may be able to get VA Vendee financing with only 5% down.
0 votes
Dp2, , Virginia
Thu Mar 31, 2011
You might want to consider buying something with creative financing.
0 votes
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