Second Home 10% Down 1 Unit

This loan is for a second home. A second home is generally expected to be in a resort area. The second home must be a reasonable distance away from principal residence.
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Credit score: 620 minimum
Property type: 1 units, Condo, PUD
Occupancy: Second Home
Down Payment: 10% minimum
Loan to Value: 90%     Max. CLTV: 90%
Gift Funds Allowed. No minimum buyer contribution required
Closing cost: Seller and/or lender can pay up to 6%
Debt Ratio: 45%

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Additional Notes:

  • Condos must be Fannie Mae approved
  • Lender paid closing cost available
  • Unpermitted additional will not be given any value
  • Second home should be suitable for year-round use
  • Borrower must qualify with both mortgages
  • Bankruptcy 4 yrs, Foreclosure 7 yrs, Short Sale 4 yrs.
  • Less than 20% requires mortgage insurance
  • 2 months reserves are required
  • Rental income cannot be used to qualify on second home
  • Inquire if property will qualify as second residence

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