Posted on: 31st Jul, 2008 10:08 pm
What is the down payment for a second home purchase?
Hi Guest.
Welcome to the forum.
For the Second home also you should make 20 percent down payment of the LTV to avoid Private Mortgage Insurance. If you make less than 20 percent down payment then you will have to pay the PMI. BTW how good is your credit? I think your DTI ratio should be less than 40 percent.
Best of luck,
Larry
Welcome to the forum.
For the Second home also you should make 20 percent down payment of the LTV to avoid Private Mortgage Insurance. If you make less than 20 percent down payment then you will have to pay the PMI. BTW how good is your credit? I think your DTI ratio should be less than 40 percent.
Best of luck,
Larry