can i get a 95% mortgage for a second property?

Answer 1

A solid "maybe".

Most lenders are looking for 80% loan-to-value ratio. Unless you mean 95% of the price, and the price is a tremendous bargain, probably not.... unless....

If this isn't your only investment property, and you have some other property with significant equity that you can cross-collateralize, that might be more tempting.

Consider taking an 80% loan, and asking the seller to take a second mortgage for the other 15%.

Answer 2

The fact that it is a second home won't stand in your way, if you are talking about purchasing it or doing a rate/term refinance. I've got several lenders who will do it - but there are a ton of other variables including:

1. Your credit score
2. Your income
3. Your other debts
4. Your mortgage payment history
5. Your assets
6. Your employment history
7. Whether this is truly a "second home". It must be at least 50 miles away, or else the lenders will consider it an investment property - not a second home.


But all other things being in line and if this is a second home and not an investment property - the answer is yes.

Answer 3

If it's going to be a 2nd home (vacation property.) If the house is right around your current one and you're going to use it as an investment property, you'll need to put at least 10% down.

Answer 4

Most likely, but why not release equity in the first property, and then get a better deal with a new lender, and open up a new product which is slightly smaller than it would have been by shifting equities.

Answer 5

Sure. I can do it if it's going to be a second home or vacation home.

Answer 6

you should be able to get at least 90%