Second Home 10% HB Down 1 Unit

High Balance

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 Unit, Condo, PUD
Occupancy: Secondary Residence
Down Payment: 10% minimum
Loan to Value: 90%     Max. CLTV: 90%
Gift Funds Allowed. Minimum buyer contribution 5%
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
  • Impounds are optional with 10% down
  • Second home should be suitable for year-round use
  • Borrower must qualify with both PITIA obligations
  • Bankruptcy 4 yrs, Foreclosure 7 yrs, Short Sale 4 yrs.
  • Mortgage Insurance required when less than 20% down
  • 2 months reserves are required
  • Rental income not considered on second home
  • Inquire if property will qualify as second residence

This page contains program highlights only. See links on right side links for further information and details.