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I'm buying a vacation home in Tahoe, do I have to put 30 percent down since I am not a first time homebuyer?

I purchased my original home in 2002 in San Diego with an FHA 30 year mortgage. by windwardsailing from San Diego, California. Apr 9th 2013 Reply


You can do as a second home or investment. Call me to discuss and you need minimum 20% down to do as investment and less as a 2nd home.

Apr 9th 2013
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Crestico Funding (CresticoFunding)
#317 ranked lender in California - 340 contributions

2nd Homes / Vacation Homes do not require 30% down however it is recommended to put 20% down if possible to avoid paying the monthly mortgage insurance premiums. you can purchase a 2nd home with as little as 10% down depending on the purchase price and fico score. if you need any help with your mortgage financing please feel free to visit us online www.crestico.com

Apr 9th 2013
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

Most lenders will require 20%, with a handful allowing 10% down, however you will pay mortgage insurance if you put less than 20%.. 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. 480-287-5714 WilliamAcres.com

Apr 9th 2013
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Charlie Sparks (CharlieSparks)
#9 ranked lender in New Mexico - 400 contributions

Depending on various specifics of yours and the property, you should be able to get by with 20% down, possibly less. Find a local lender on this forum that can help you determine your options. I only lend in NM where I am licensed.

Apr 9th 2013
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Chris Black (Cblack)
#308 ranked lender in California - 7 contributions

You can put 20% and do a convential loan. Please call me with any questions

Apr 9th 2013
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Carlos Figueira (carlosfigueira)
#108 ranked lender in New Jersey - 199 contributions

20% down or more would be best so that you do not pay PMI but you can do as low as 5% down.

Apr 9th 2013
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Jason Vondrak (jvondrak)
#221 ranked lender in California - 1,741 contributions

You can purchase the home as a second home with 20 percent down. 20 percent down is ideal, so you will not be required to pay for mortgage insurance.

Apr 9th 2013
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Peter Torneanu (peter@loandoctors.us)
#80 ranked lender in Arizona - 10 contributions

You can put down as little as 10% down if this is a second home. It doesnt matter if your a first time homebuyer or not.

Apr 9th 2013
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Peter Savino (855411LEND)
#100 ranked lender in New Jersey - 332 contributions

20 percent should work

Apr 9th 2013
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Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#1 ranked lender in Florida - 2,242 contributions

As a second home you can put as little as 10% down ! If it is an investment property you can put as little as 15% down . this is based on a 700 mid score and that your debt to income is 45% or below.

Apr 9th 2013
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