2006-08-25 17:19:14 · 5 answers · asked by Paul S 2 in Business & Finance ➔ Personal Finance
There is a multitude of ways of buying houses with little money down... Are you looking to live in the second house? If you are and will claim it as your primary house, turn your current into a rental, then getting a loan is even easier. Spend some money on the no money down courses... there is a lot of good information and a lot of will never happen scenerios as well... I received money back on one house I bought... after all was said and done the bank actually paid me 2k (for repairs) more than I put down. You have to do your homework and be creative... but yes you can avoid parting with a huge downpayment from your bank account and get a second home....
2006-08-26 02:31:09 · answer #1 · answered by rob 2 · 0⤊ 0⤋
Not usually. Same credit/down payment criteria applies for a second home as a first. Just qualify for it and go. 5% down for conventional financing. IF FHA 3% down.
2006-08-25 17:57:20 · answer #2 · answered by hithere2ya 5 · 0⤊ 0⤋
Depends on what your house appraises for, what your credit score is and if you need your payment lower.
I bought my house without a down payment. But I think the average is 3 to 10% down.
2006-08-25 17:34:47 · answer #3 · answered by Lady J 4 · 0⤊ 0⤋
As it is your 2nd home, you can get even 100% financing from some banks..
2006-08-25 23:22:36 · answer #4 · answered by Anonymous · 0⤊ 0⤋
many lenders offers different options to buy 2nd house, some even will do 100% financing .
2006-08-25 17:22:56 · answer #5 · answered by bianca 4 · 0⤊ 0⤋