what is required when i want to puchase a 2nd home?

Asked by tinnint, Brooklyn, NY Tue Jan 1, 2013

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Daniel Fisher, Agent, Charlotte, NC
Tue Jan 1, 2013
Good afternoon, Tinnint:
Cash or financing is mainly what is required to buy a second home. If getting financing, you generally have to meet the criteria in the Trulia Blog "Can I get a home or am I stuck renting?" http://goo.gl/5RG3w , you can probably qualify. Down payment on a second home can vary depending on your income, debts, credit profile, assets liabilities and relationships with financial institutions. We have seen 15% to 20% although depending on the price, whether or not you could declare this as your primary residence, or a few other factors, it could be less. If you have a full time agent with a Masters degree in Planning with Finance and over two decades of experience, working for you, you will likely do better in negotiations. Id be pleased to provide that service. If you appreciate this answer, please give it a thumbs up, or if this was the most helpful answer, please say thanks with a best answer click.
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dave, Agent, Charlotte, NC
Tue Jan 1, 2013

you will need to qualify for the mortgage based on your income with the current debts you have. In addition the banks will probably require 20% down payment for a second home.

The ratios will be the same as if you were buying a first home as well....

I hope this helps.....

Dave diCecco
Coldwell Banker United
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My NC Homes…, Agent, Chapel Hill, NC
Tue Jan 1, 2013
Essentially all you'll really need is the ability to qualify for a mortgage (assuming you're not paying cash) which will boil down to an income that can carry the mortgage, a good enough credit score and stable employment history the same as a first time buyer. Depending on the mortgage program you decide on you should probably count on between 20-25% down, though there may be options for you that would allow 10% down.
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Mechell Harr…, Agent, Charlotte, NC
Tue Jan 1, 2013

You will need the income to qualify for 2 mortgages. Please feel free to contact me for further details.

Mechell Harris, Realtor/Broker
Allen Tate Company
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