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Is there a low downpayment offer for a 2nd (primary) home purchase?

Our first home is paid off but we need to upgrade to a larger home. Are there any mortgages that offer a low down payment for a second home? by mumov3282 from Fulton, Texas. Mar 28th 2017 Reply

William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,727 contributions

More info needed since your question is a bit confusing.. If you plan on moving out of the existing home and buy a new home, but still keep the existing home as a 2nd or rental home, then yes.. you would be purchasing a new primary residence and you would only need 5% down.. If you will keep the existing home and maintain it as your "Primary" residence, then for this scenario, there are 2 options. the first one would be a 10% down for a 2nd/vacation home purchase.. because you are putting less than 20% down, you will be paying mortgage insurance. The 2nd option would be to do a cash out refinance on your primary home... and use those funds to pay cash for the 2nd home.. understand that you can only have 1 "Primary Residence".. . I'm a preferred Lender with Arizona and California being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

Mar 28th 2017
Martin Farris, CFP (Martin)
#36 ranked lender in Texas - 16 contributions

If you are going to be buying the new home to live in it will not be a 2nd home, but your primary residence. Depending on the loan program you qualify for you should be able to buy it with as little as nothing down. Call me at 325-651-2100 to discuss further.

Mar 28th 2017
John Burke (jburke)
#29 ranked lender in Texas - 227 contributions

Hi Mumov3282,What are you going to do with your current home? The answer will dictate things a little bit. For example: If you keep the home, you wouldn't be eligible for a no money down USDA loan because you can't own a home & be eligible. The other option would be an FHA loan with just 3.5% down or a conventional loan with 3-5% down.| Please feel free to contact me for more information or help. | John Burke | Senior Mortgage Banker | Great Plains National Bank | (877)228-9069 | Lending in ALL 50 states

Apr 12th 2017
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