How big of a down payment do I need for a second home purchase if I've paid my first mortgage off completely?

please contact me directly - I am in the Freehold area 855 411 LEND we can discuss your question

You will most likely need to put down at least 10% down and that is saying you are buying a single family home and you have at least a 700 middle score and as of todays pricing your rate would be in the 3's. Call us or email us at 201-962-3555 or Team@BestMortgageOption.com for a no cost no obligation analysis of your situation. Ask for Michelle or Benny We will find the Best Mortgage Option to suit your needs!You can check us out at www.BestMortgageOption.com We are also proud Homes for Heroes affiliates

That applies to a condo as well depending on what state you are looking to buy.

There are many things that factor into the down payment requirement. Your credit score, what type of property, etc. Contact a Lender 411 mortgage professional. They can answer questions for your specific situation. Good Luck.

Work with one of these local lenders. They will need more info on the type of property, its location, your credit score and more to provide an accurate answer.

If it is not your primary residence, and will be used as a second / vacation home, then your minimum down payment requirement is 10%. www.JoeMetzler.com

We are local with offices in Summit, North Arlington and Spring Lake. We have 2nd home programs with as low as 5% down, you may want to consider a bit more down payment as that will get you a LOWER rate. Call and speak to one of my loan officers @ 908-516-2190 or e-mail me: carlos@keypointmtg.com You can also come to our office to discuss in person if you like.