Posted on: 19th Mar, 2011 09:09 am
What is the minimum down payment needed to purchase a 2nd home in Fl.
Hi Tonic 1022,
Welcome to Mortgage fit,
Most of the lenders put a restriction that distance of the second home should be within 100 miles area from the primary residence...and if the clause is not adhered, property will be considered for the purpose of investment/rental property....
Most of the time down payment is 10 % but if the area of the property is where property prices are declining then lender may ask for 15 % down payment.If the property is considered as condominium then most of the lenders would ask you to put down 20 %.
Feel free to ask any further query if you have....
DIPA
Welcome to Mortgage fit,
Most of the lenders put a restriction that distance of the second home should be within 100 miles area from the primary residence...and if the clause is not adhered, property will be considered for the purpose of investment/rental property....
Most of the time down payment is 10 % but if the area of the property is where property prices are declining then lender may ask for 15 % down payment.If the property is considered as condominium then most of the lenders would ask you to put down 20 %.
Feel free to ask any further query if you have....
DIPA