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Looking for advice on how to get to zero down, or at least below the typical 20% down for second loan? It may be used for rental property, BUT what if we chose to move into it and sell our current home? And what's the best way to search for competitive interest rates and lenders?
1. You plan to live in the home as a Primary Residence, or use it as a Second Home - - not a rental/investment property. As a Second Home, the property must be a reasonable distance FROM your primary residence, and you kinda need a reason to be using it as a 2nd home, ie., plausibility. Not an extreme amount of investigation from lenders in this area, but just be conscious of that.
LOW DOWN (payment): Primary Residences can be purchased with Gov't loans, such as USDA, VA, FHA, with little or no down payment. You must assert that you will live in the home, and there must be a reasonable commute to your job from the property.
Second Homes: No Gov't loans, but you can go as little as 5% down on one Conventional Loan. Second Mortgages (80/10/10 and the like) are generally available only on primary residences.
*** I'm unclear as to what you mean by "20% down for second loan" in your post. Second HOME? Second MORTGAGE on a property to be purchased?
If the home is to be an investment property you are looking at a 20% Down payment at a bare minimum and more expensive terms.
There are quite a few threads regarding optimal ways to find a good lender, with good advice from many members. Use the Search This Forum box in the upper right. You will see a lot of well-reasoned opinions on all sides of the fence.
This is for a second home. It will not qualify as a vacation home as it is less than 50 miles from our primary residence. So it will be considered investment property.
I am looking for the best way to go about getting funding for this second home, which is actually a condo in a Great part of Dallas. We are putting 20% down with whomever will approve the loan. My wife and I both have good credit, so I can't imagine this should be too difficult.
There are a million brokers, credit unions, banks, loan originators with whom we can go with. My question is…
How do you find the most honest and fair parties out there?
One big bank I spoke with said they are only taking risks on single family homes, but not condos. They said this without knowing the loan amount, our credit, or anything info for that matter. I said thanks for the time and hung up.
My wife and I both have good credit and the amount needed to be borrowed is nothing substantial; under 200k.
I'm in the Pacific Northwest now. Can't change my name. I should've thought this through....
But I lived in Dallas forever and still work there, and know great people in the business, IMO at least.
Shoot me a DM - I don't want to pester you - - and I'd be very happy to help you.
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