Second Home Loans
Second home loans are now easier to obtain and you have many more second home loans options than in the past. Second homes provide a quiet place for family vacations or as a retirement home in years to come. I have an increasing number of clients looking for second home loans options for property other than a principal residence.
While many lenders only offer second home loans requiring a 10-20 % down payment and at rates much higher than required for conventional loans, we can make your dream come true with only a 10% down payment. And at regular, conventional interest rates. Second home loans are available as 30 or 15 year fixed rate, adjustable rate loans, balloon loans, and we can even help you with "stated income" second home loans if your income is difficult to verify. Many of my clients obtain the down payment for their vacation home by taking out a home equity line on their primary residence. If the borrower can afford the monthly debt payments of the equity line, this technique can be an easy way to get the cash for the second home.
New! 100% financing is now finally available for second homes! Financing is available up to $400,000 with a 45% debt to income ratio, $1,500 residual income and only 2 months of liquid reserves. When you find the "perfect" vacation home, we have the financing that makes sense.
We can help finance the second home if you are building with a construction/perm loan. If you are buying land to build on later I can help you with a lot loan. Or, if the home is already built, I can help you with the permanent loan. We offer 30 and 15 year fixed rate loans, adjustable rate mortgages, balloon mortgages, stated income, and no documentation loans. We can even finance your vacation home with a program which will allow very high debt to income ratios. If you are concerned over having to make a large down payment, I have several loan programs which will allow only a 10% down payment for vacation homes. Please let me know what you are trying to do by completing my QualifierQuicksheet and I will give you an idea of the options available to you.
I have added some additional information if you are looking at a Condo-Tel as a second home
I have included a page on how to calculate your qualification ratios.
I have included a page on documentation requirements.
We offer you the ability to qualify and close into several unique programs which accommodate borrowers with non traditional income or asset situations. Please visit my No Docs page.
* I have included a section on the new Cash Flow ARMS. A LIBOR based product which gives you complete flexibility in managing your mortgage.
The new Asset Manager is a creative HELOC which gives you complete control over your mortgage as well.
As a Certified Mortgage Planning Specialist, I offer an analysis of your situation today can make suggestions on how small changes in how your consumer and mortgage debt is structured today can have a life changing effect in the years to come. Read more about this free, no obligation service.
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