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Response: I want to Buy a Second Home?

“I currently own a home with value about $300000 or more and loan is about 369000, I want to see if I can buy a another home and keep this one also. I have a big family and would like to get another home, my fico is 700 or more I am a self employee I own a restaurant for three years but don’t have much to show on my taxes, what are my other option, what is the easier way to get 2nd home ASAP, I can put about 40000 down on about 250-300 thousand home. Can you give me advise, please help me out I want to buy a home ASAP.”


 Response: I want to Buy a Second Home?

I want to Buy a Second Home?

First Home Purchase: $369,000
Current Value: 300,000
Your first home has been devalued approximately 15-18% on it’s actual purchase?

Although you may not show a lot of money or profits in your income tax returns, you will need to provide the lender additional assets that are tangible to be able to buy the second home. Examples of tangible assets are cash, accounts receivable, inventory, property, plant and equipment, etc.

Your forty thousand dollars isn’t enough for a down payment to have an 80% ratio to loan to value (LTV). For 250,000 value you need $50,000 and for the 300,000 you need 60,000 as down payment other wise you will have to pay for the Private Mortgage Insurance (PMI). I am not a mortgage specialist, and I suggest too you to talk to a mortgage broker. A mortgage broker will be able to crunch the numbers and tell you everything you need to know.

So the fastest way to purchase another home ASAP, would be contacting a broker too see if it is even possible.

Hope this helps

Good Luck Anthony, If you need any more help feel free to Contact Us again

If you know anyone in my area of Staten Island, New York that is in need of a good real estate agent, feel free to have him or her contact us as well.

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1 comment to Response: I want to Buy a Second Home?

  • Anthony Meluzzo


    I like the picture of the beach, I wish that was going to be where the house is LMAO


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