Posted on: 16th Aug, 2010 04:42 am
I currently own my primary residence (no mortgage -paid in full--value apprx $300k). I want to purchase a vacation/retirement home (apprx $150k) but am finding that the banks do NOT understand that I do NOT currently have a mortgage. Everyone assumes we have a 1st mortgage and are looking to purchase a second. I can not find anything on line about this.
Is financing this new vacation home subject to the same restrictions as if I had a 1st mortgage now, i.e., 20% down, etc. ?? Or, would the vacation be treated like a 1st mortgage?
Help!
Is financing this new vacation home subject to the same restrictions as if I had a 1st mortgage now, i.e., 20% down, etc. ?? Or, would the vacation be treated like a 1st mortgage?
Help!
Sounds like you need to speak to a more competent loan officer. The fact that you own your current home free and clear should be a positive, not a negative aspect of your loan file.
In what state is the second home you want to buy located?
In what state is the second home you want to buy located?
North Carolina.
Thank you.
Thank you.
No problem. Send an email to chip@lendinglocal.com and see if he can help you out with this. He is a good loan officer there in North Carolina.
Best of luck
Best of luck
PLAIN AND SIMPLE, This will be considered a second home? Most lenders require 15-20% on second homes. Where do you currenly reside and how far is it from the vacation home. I don't see any issues. Nic is correct. Find a more competent loan officer.
