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Currently have a FHA loan, and want to buy a second property. I don't have much for a down payment, but have enough income for a second house payment. What are my options?

by henry845 from Atwood, Colorado. Nov 23rd 2015 Reply


Jessica Aumont (jezzyaumont)
#111 ranked lender in Colorado - 8 contributions

Second homes must be 50 miles or more away from your current residence and require 10% down. Investment homes can be purchased anywhere but require a minimum of 15% down.Does this answer your question?

Nov 23rd 2015
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,927 contributions

More info needed.. specifically, what do you mean by "second property".. a new home to move into as your new primary residence? A 2nd home, as in.."Vacation Home".. or a 2nd home as in "investment property or rental".. The rules are different for each one of these scenarios, so without knowing your intent it's impossible to advise you properly.. So in general.. if you looking to purchase a new home to make your "new primary residence" then you would need a minimum of 5% down.. for a "Vacation Home" you will need 10% down or more depending on the lender, and for "investment" you need 20% to 25% or more down.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

Nov 23rd 2015
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