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Buying a vacation home in Michigan

I want to ask about the smartest way to purchase a vacation home? We have no debt except a current mortgage which is a 15 year oan at 2.75%. I pay $2,050 per month. Credit score is 770 and I have around $15k savings. Will my down be 20%? Can I put down 10%? I am looking at a lakefront home worth $150k by krissy167 from Carp Lake, Michigan. Aug 10th 2022 Reply

Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,729 contributions

Vacation property / 2nd homes require a minimum down payment of 10%, but you'll get a much better deal at 20% down. I provide home mortgage loans in MN, WI, IA, ND, and SD. Find me at - Cambria Mortgage, NMLS 274132

Aug 16th 2022
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