Down payment on second home.

Anonymous — Tue, 26 Jul 2016 22:49:45 GMT

Hello everyone!
I have been really thinking about buying a second home as an investment property. What stops me from reaching out for assistance is the lack of down payment I currently have available right now. I have a little over $11,000 now. My Fico 8 scores are: EX 754, EQ 770 and TU 785. I can realistically save about $1200 per month and my current home is paid off. So I am wondering if anyone can give a ball park. I don't plan on buying anything more than $140,000. In the little bit of research I've done I see there is not much leeway with down payments for second homes. Help! Terrified to go to a broker only to find out I need to come back in 3 years! When do you think I will be ready to really dig in?

Re: Down payment on second home.

Anonymous — Tue, 26 Jul 2016 23:57:41 GMT

When I bought one of my rentals. The bank required a 20% d/p. No play in that for me. I think its pretty standard practice.

Re: Down payment on second home.

Anonymous — Wed, 27 Jul 2016 00:10:38 GMT

Ok, thanx, alottacards!!! That's what I thought.... So I'll have to wait a year! 😐

topic Re: Down payment on second home. in Mortgage Loans

Down payment on second home.

Re: Down payment on second home.

Re: Down payment on second home.