5% down on a second mortgage?

[Anonymous]

Is there anyone out there that does 5% down on a second mortgage?

[JVille]

Trying to understand your question. Are you wanting to purchase a home with just 5% down and have a 1st Mortgage for 95% of the Purchase price and a 2nd mtg for the additional 5%?

A little more info would be helpful.

[Anonymous]

I am wanting to purchase a second home with 5 % down. I have 10% but, I am wanting to payoff another loan to help DTI. It would be a sencond mortgage 95% LTV

[JVille]

Why don’t you get a second mtg on your existing home? I am unaware of any programs with downs that low on second homes. I’m sure someone else may have better info.

[Anonymous]

Cause I am already close on DTI so a second mortgage for down payment would put me over I believe. Only have about 35% equity in primary.

[VALoanMaster]

---

@Anonymous wrote:

Is there anyone out there that does 5% down on a second mortgage?

---

HI Gregory9116,

Not on a Fannie Mae or Freddie Mac mortgage. You'll need at least 10% down for a conventional mortgage.

[JVille]

Key Bank will do 100% on Primary Residence and the terms are good! Interest only at 4.5% at least that’s what I Closed with them in October.

[StartingOver10]

---

@JVille wrote:
Key Bank will do 100% on Primary Residence and the terms are good! Interest only at 4.5% at least that’s what I Closed with them in October.

---

^^^But the OP is looking for a 95% mortgage on a second home, not a primary residence. From what I have seen (and I'm an agent, not a LO) VALoanMaster has it right. 10% for a second (vacation type) home purchase. 

OP, usually the reason 100% loans or 97% or some other high LTV mortgage loan is available for primary homes and not second homes is due to the lower risk associated with the borrower on his/her primary residence.   Having two mortgages on two different properties (along with all the other property expenses) increases the risk of default - especially for the vaction/second home.  Consider waiting to purchase until you have enough to comfortably purchase a second property with financing at a lower LTV.  I have never seen a 95% LTV on a second home - at least not since the mortgage meltdown in 2008.