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(April 11) -- Homebuyers can skirt the need for private mortgage insurance by securing a second loan--either from the seller or from another lender. Although lender requirements differ, buyers usually can combine a 10 percent downpayment of their own with a 10 percent second loan from the seller. However, Fannie Mae and Freddie Mac lenders typically require a 10 percent downpayment and a 15 percent second loan from the seller, or 15 percent down and a second mortgage for 10 percent of the purchase price. Because lenders are not likely to offer a second mortgage at a competitive interest rate, buyers should try to come up with a 20 percent down payment by borrowing money from a relative or employer or by selling assets. Source: Inman News Features Online (04/10/02)
Paul Rosso -- RE/MAX Properties, Ltd -- Pennsylvania
Cell - 215-778-9687 - Direct Line-215-968-7402 - Office-215-968-7400, X-7402
