Posted on: 21st Nov, 2009 12:36 am
my husband and i want to buy a vacation home. we are told by our potential lender that we need to put down 25% for a down payment. we are attempting to obtain a home equity loan, however our first house is appraising (electronic) at much less than what we need if we can only get 75% of our equity. is there any way to pay less than 25%? do sellers sometimes help pay the down payment? our income is high enough to support a second property, we are just having difficulty with obtaining the down payment. thanks for any help!
You will have to check out with other lenders to find if anyone of them is ready to approve a loan with less than 25% downpayment. I don't think that the sellers would come forward and help you in arranging for a downpayment. However, you can contact your friends and relatives to check out if they can help you in arranging the downpayment for the mortgage.
sellers and friends cannot provide down payment funds. you may be able to use a gift from family for this purchase. of course, what guidelines your lender is looking at is impossible for us to divine. as niicss noted, you can try another lender(s) to see if you can find a lesser down payment requirement.
