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“Most second-time buyers have more income, and they have been in their jobs longer with an ability to make a bigger down payment,” he says. “Use it to your advantage. When you find a place ...
Second home mortgage requirements can be more strict than mortgage requirements for your first home. For example, many lenders require you to put at least 10 percent down on a second home. There ...
Strike a rent-back agreement: In this type of arrangement, the home buyer agrees to rent the property back to the seller after they take possession, for set amount of time. This allows the seller ...
Forgivable loans: A second mortgage you won’t have to pay back so long as you stay in the home for a certain amount of time (the exact period depends on the program) and stay up-to-date with ...
A homebuyer grant is a type of down payment assistance that provides a one-time cash sum, often in the form of a no-interest second mortgage. The funds don’t have to be repaid. The funds don’t ...
New mortgage: “In most cases, prospective second home buyers would be better off taking a mortgage on the property they’re acquiring instead,” says McBride. By taking out a loan that uses ...
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