10% down second home mortgage in MN?

Question

I am really struggling to find somebody that will do 10% down on a second home mortgage in Minnesota. Best I can find in the current market is 15%. Anybody have a lead on a lender licensed in Minnesota that will do this?

thanks!

Brandon Johnson · Answer

Most second home lenders will require more than 10%. But have you tried using an FHA product? As long as it's titled in your name and meets a small set of criteria, a second home can be purchased with under 10%. This is how I bought my first rental property was using an FHA product. I'd start with your local, community bank. See what they would do. The best luck I've had is with banks who know me. Let me know who you find! :D

Daniel Anshus · Answer

@Jeremy Dockendorf I believe conor Hesch can do that. Message me and I’ll give you his email. Can’t post it on here BP won’t allow it

Trenton Engle · Answer

Sending a message your way!

Melvin List · Answer

@Jeremy Dockendorf I would reach out to a broker in your area.  10% second home purchases is an pretty standard product.

Nick Riccio · Answer

@Jeremy Dockendorf definitely can help with this. FHA won't be an option if it's not a primary residence. Conventional second home is an option at 10%.

Brandon Johnson · Answer

That's awesome! Keep us posted! Hope it goes well! :D

Jeremy Dockendorf · Answer

I appreciate the tip! My mortgage broker just mentioned to me yesterday that he’s looking for an FHA product for me, so we’ll see.

10% down second home mortgage in MN?

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