"I'm Buying My Second Home. Do I Need a 20% Down Payment!?"

Do I?!?

The good news is... probably not!

It depends on one of two things:
(1) Are you moving into that home?
(2) Are you NOT moving into that home?

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Moving In: Primary or Secondary Residence

In most scenarios, if you ARE moving into the home - or it is a second residence, like a summer home - then NO*. You are at least qualified to only put down 5% and this will be considered your new primary or secondary residence.

Not Moving In: Investment

In most scenarios, if you aren't moving in (like an investment property) then YES* you will require at least 20% down payment.

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*Please Note: Your individual financial situation will actually dictate the amount of down payment you require and what you are approved for. The aforementioned options are the common scenarios. ALWAYS ensure you meet with a mortgage specialist before ever starting to shop for property to ensure you are pre-approved.

We are happy to connect you with our top mortgage specialists!

Reach out today!

Nicole Darbaz, REALTOR®
Your Trusted, St. John’s Metro, Real Estate Expert
Darbaz Real Estate Group
Keller Williams Platinum Realty
709-691-1373
NicoleDarbaz@kw.com
MLS®