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Down payment for a second home?
Old 04-01-2009, 11:19 AM   #1
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Down payment for a second home?

Is 20% required for a down payment on a second home? If it is can you take out a HELOC to pay a portion of it? I've thought about buying a second home and renting my current home if a great opportunity comes up.

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Old 04-01-2009, 02:52 PM   #2
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Lending standards are changing every day (tighter and tighter). Bet if you applied for the "second" home as your primary residence you'll have no problem. Also would help if a tenant and lease were available for the rented home.
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