Posted on: 25th Apr, 2010 07:15 am
Does anyone know of any lenders doing 95% ltv on vacation homes. 800 credit, 107k income, no debt, full doc. 90% is the lowest I've found thus far. Thanks for your help
Though you've a good credit score and income, I don't think you would be able to get a conventional loan for 95% ltv. Lenders would require at least 20% in order to give you a conventional loan. If you don't do so, then the lender can ask you to go for a private mortgage insurance. You can apply for FHA loans and check out if you can get one. In case of FHA loan, the lender will require you to pay 5% down.
With less than 20% down payment, Private Mortgage Insurance (PMI) is required.
There are 5 or 6 PMI companies. Some do not provide PMI for vacation homes at all and at least one will provide PMI with a 10% down payment.
Therefore, 10% is lowest down payment currently available and that is with a 720 credit score and maximum 41% debt ratio and at least two months reserves.
FHA loans are for owner occuppied only, not available for vacation homes.
There are 5 or 6 PMI companies. Some do not provide PMI for vacation homes at all and at least one will provide PMI with a 10% down payment.
Therefore, 10% is lowest down payment currently available and that is with a 720 credit score and maximum 41% debt ratio and at least two months reserves.
FHA loans are for owner occuppied only, not available for vacation homes.
With less than 20% down payment, Private Mortgage Insurance (PMI) is required.
There are 5 or 6 PMI companies. Some do not provide PMI for vacation homes at all and at least one will provide PMI with a 10% down payment.
Therefore, 10% is lowest down payment currently available and that is with a 720 credit score and maximum 41% debt ratio and at least two months reserves.
FHA loans are for owner occupoied only, not available for vacation homes.
There are 5 or 6 PMI companies. Some do not provide PMI for vacation homes at all and at least one will provide PMI with a 10% down payment.
Therefore, 10% is lowest down payment currently available and that is with a 720 credit score and maximum 41% debt ratio and at least two months reserves.
FHA loans are for owner occupoied only, not available for vacation homes.