Vacation Home Loan 5% down

[Nathan Frost]

Hi, I have friends saying there are lenders that do 5% down.  Does anyone know anyone that does 5% for a vacation home loan?

[Clint Jusino]

Quote from @Nathan Frost:

Hi, I have friends saying there are lenders that do 5% down.  Does anyone know anyone that does 5% for a vacation home loan?

If they are your true friends how come they didn't tell you the actual lender name who does the 5%? 🤔 I was raised sharing is caring. 😊

[Nathan Frost]

Quote from @Clint Jusino:

Quote from @Nathan Frost:

Hi, I have friends saying there are lenders that do 5% down.  Does anyone know anyone that does 5% for a vacation home loan?

If they are your true friends how come they didn't tell you the actual lender name who does the 5%? 🤔 I was raised sharing is caring. 😊

 True.  Know of any?

[Brandon Croucier]

No products 5% down on 2nd homes or investment, it's not 08' just yet. They must be claiming it to be a primary.

[Nathan Frost]

Quote from @Brandon Croucier:

No products 5% down on 2nd homes or investment, it not 08' just yet. They must be claiming it to be a primary.

What can you do?

[Brandon Croucier]

Quote from @Nathan Frost:

Quote from @Brandon Croucier:

No products 5% down on 2nd homes or investment, it not 08' just yet. They must be claiming it to be a primary.

What can you do?

 I can do 10% down on second home in TX,CA or FL

15% down on DSCR for investment in most states

[Jay Hurst]

Quote from @Nathan Frost:

Hi, I have friends saying there are lenders that do 5% down.  Does anyone know anyone that does 5% for a vacation home loan?

 Fannie/Freddie both allow up to 90% financing. https://singlefamily.fanniemae.com/media/20786/display

HOWEVER, the  loan level pricing adjustments are HUGE on these loans:

So, the rate and costs will be very high. 

[Zach Engen]

The federal savings bank does 5% down on vacation homes, talk to Jason Wray over there.

[Patrick Roberts]

Typically it's 10% down for vacation homes for Conventional

[Nathan Frost]

Quote from @Zach Engen:

The federal savings bank does 5% down on vacation homes, talk to Jason Wray over there.

Email?  I currently am doing 5% down.  Pretty solid deal under 190k and in Bagley area us 5 bedrooms.