Is it absolutely mandatory to have 20% down to buy a second home?

You should be able to find a lender that will allow 15% down, but you will need to also have mortgage insurance included in the loan, which is why 20% would be wise to have in place!

It depends. If you are eligible to use a government home loan, you may have a very low (if not any) down payment required. Depending on the loan type, the down payment could be $0-3.5%. If you are buying the second home purely as an investment property, then you may need to make a 15%-20% down payment. On the other hand, if you are buying a second home because of a specific need, then you may want to look into a government home loan. Examples of a specific need would be that you have outgrown your current home, or that you are moving closer to medical treatment, or that you have a work opportunity that will require to occupy the other home for part of the year. Also, depending on the loan type, you may not need to pay the mortgage insurance.

Depending on the details of your second home purchase, your downpayment could be as little as 15%. Our company provided 26,000 loans in 2013 to homeowners and future homeowners just like yourself. I would be more than willing to discuss the variety of loan programs we have available to assist your search for a 2nd home. Please visit our website: www.ThinkJandJ.com for more information and please feel free to call me at a time of your convenience. 949-478-FUND.

10% down is the minimum for second home. Call me for details if you wish. I look forward to hearing from you. Nathan Kessler 702-522-6745 City First Mortgage Services