what is the down payment for 2nd home purchase?

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What is the down payment for a second home purchase?

larry · Joined: 27 Jun 2007 Posts: 3328 473.51 Dollars($)

Hi Guest.

Welcome to the forum.

For the Second home also you should make 20 percent down payment of the LTV to avoid Private Mortgage Insurance. If you make less than 20 percent down payment then you will have to pay the PMI. BTW how good is your credit? I think your DTI ratio should be less than 40 percent.

Best of luck,
Larry

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