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Any 5% down mortgages out there?

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StillLearning
Valued Member

Any 5% down mortgages out there?

I am interested in buying a new home, but will not be able to list and sell the first one for several months.  Where would I look for lenders that will only require 5-10% down for the second home?  Since I'm not a first time homebuyer and don't have an especially low income, I'm not sure if I qualify for anything but paying out 20% up front.  Suggestions?

Message 1 of 5
4 REPLIES 4
Anonymous
Not applicable

Re: Any 5% down mortgages out there?

As long as you can prove that it's a second home and not an investment property, Fannie Mae only requires 10% down.

Message 2 of 5
StillLearning
Valued Member

Re: Any 5% down mortgages out there?

Thank you!  I'm happy to hear that.  Now a really stupid question - is there a way to know what lenders have that type of loan?

Message 3 of 5
Anonymous
Not applicable

Re: Any 5% down mortgages out there?

How long have you owned your current home?

Message 4 of 5
StillLearning
Valued Member

Re: Any 5% down mortgages out there?

We have owned it for about 14 years, and been at the same jobs for about 15 years.  

Message 5 of 5
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