what are the requirements for buying a second home?
9352
['A large deposit– more than the amount you put down on your first property (usually at least 25%).', 'A good credit score – if you have missed previous mortgage payments, it may be hard to get approved for a second home mortgage.']
46183
['Honesty and integrity.', 'Knowledge of purchase process.', 'Responsiveness.', 'Knowledge of real estate market.', 'Communication skills.', 'Negotiation skills.']
144606
['be a new build.', 'have a purchase price of up to £600,000 in England (or £300,000 in Wales)', 'be the only one you own.', 'not be sub-let or rented out after you buy it.', "be one that you can show you cannot afford (if you're applying in Wales)"]
183692
['A Sufficient Down Payment.', 'An Affordable Interest Rate.', 'A Minimum Acceptable Credit Score.', 'Your Debt-To-Income Ratio.', 'Being Able to Pay Closing Costs.', 'Financial Documentation.', 'The Bottom Line.']
11076
['Proof of age—such as a birth certificate or passport.', 'Proof of social security.', 'At least two documents that prove a current address—such as utility bills or car registration.']
212244
["Using equity from your current home or the house you're buying.", '401(k) loan.', 'Cash-out refinance.', 'Getting a gift.', 'Put less than 20% down.', 'Sale-leaseback contingency.']
934506
Potential buyers need five essential things—proof of assets and income, good credit, employment verification, and other documentation—to be pre-approved for a mortgage.
514890
Many lenders allow two families to combine their respective incomes in order to jointly purchase a house. Both households will need to meet the minimum qualifying loan requirements, which may vary lender to lender. Lenders may also require both families to hold equal ownership rights of the house.
839420
The LTV attached to the home equity loan or HELOC can play a key role in your ability to use it for a down payment on a second home. In most cases, you'll need a 15% to 20% down payment for a single-family home you don't plan to live in.
559956
['At a glance: Generally speaking, borrowers need a good credit score of 600 or higher, a debt-to-income ratio no higher than 50%, steady income, and enough funds to cover their down payment and closing costs. ... ', 'Down Payment Requirements in 2019. ... ', 'Credit Score Requirements in 2019. ... ', 'Debt-to-Income Ratios in 2019.']
146511
['Residential Property Disclosure form.', 'Residential Sales Contract.', 'Third-party Financing Addendum.', 'Lead-based Paint Addendum (if built before 1978)', 'List of Chattels.', 'Rental Agreements (of anything rented in the home)', 'Invoices (of past renovations or repairs)', 'Copies of Electric and Gas Bills.']
1034073
['Save a deposit.', 'Mortgages.', 'First-time buyer schemes from the Government.', 'Stamp Duty.', 'Other costs.', 'Find a property.', 'Put in an offer.', 'Exchange contracts and complete.']
1116958
['Original Sales Contract. ... ', 'Professional Appraisal From The Original Purchase of Your Home. ... ', 'Mortgage Statement (Payoff Amount) ... ', 'Homeowners Insurance Records. ... ', 'Homeowners Association Documents. ... ', 'Home Repair and Maintenance Records. ... ', 'Receipts for Capital Improvements.']
270606
How to finance a second home. When you apply for a mortgage for a second home, you'll have to explain the purpose of the property. You'll need a larger deposit than you did with your first home (mortgage rates may also be higher), a good credit score and the spirit to go through the whole house-buying process again.
827557
['Mortgage loan information.', 'Final purchase and sale agreement.', 'Deed.', 'Title report.', 'Property tax information, including most recent tax statement.', 'Homeowners insurance information.', 'Any reports or documentation that relates to the property.', 'Lease agreement, if currently renting the property.']
838506
If you sell your home and buy another, the capital gains exclusion requires you to have lived in the first home for at least two years of the five years prior to the sale. The home is your primary residence.
16289
['Apply for a mortgage loan. ... ', 'List the style, features and amenities that are within the house. ... ', 'Review the purchase price for the house. ... ', 'Submit a contract to purchase the house.']