Why is buying a second home nearly impossible?

painthappy · 08-30-2012, 01:08 PM

I apologize in advance, just venting right now.

I'm in the process of (at least I thought I was) of doing more than just owning a boat in a marina on Lake Winnipesaukee. Don't get me wrong, I love my big sailboat, love the marina, but it's time to find a condo. Figured I wanted one with a water view and either on the beach or a 500' walk... I found some.

"Great!", I say to myself.

Call around about a second loan. Wells fargo, Merrimack Mortgage, etc... All want 20 to 25% down on the purchase price, not the value, on the purchase price.

So a $250,000 condo purchase, I would need ~ $60,000 minimum down on it.

No wonder places are taking a while to sell. I suppose my next step would be to look for a lender who would be willing to do it in house? Instead of big banks that are just going to resell it and have these ridiculous requirements.

I could see putting 10% down, as I'd rather not deplete my account 60 - 70k right now. Heck, at that point, I might as well just forget the bank and pay in cash... But I don't want to do that either. I have it tied up in investments that are actually making me money.

Told the wife that I'll probably just end up getting a bigger sailboat in the spring.

Anyhow, sorry for the rant. Fresh in my mind as I get off the phone. Good luck to those buying condos around Winni, and better luck to those selling.

08-30-2012, 01:08 PM	#1
painthappy Member Join Date: Apr 2011 Posts: 21 Thanks: 3 Thanked 10 Times in 3 Posts	Why is buying a second home nearly impossible? I apologize in advance, just venting right now. I'm in the process of (at least I thought I was) of doing more than just owning a boat in a marina on Lake Winnipesaukee. Don't get me wrong, I love my big sailboat, love the marina, but it's time to find a condo. Figured I wanted one with a water view and either on the beach or a 500' walk... I found some. "Great!", I say to myself. Call around about a second loan. Wells fargo, Merrimack Mortgage, etc... All want 20 to 25% down on the purchase price, not the value, on the purchase price. So a $250,000 condo purchase, I would need ~ $60,000 minimum down on it. No wonder places are taking a while to sell. I suppose my next step would be to look for a lender who would be willing to do it in house? Instead of big banks that are just going to resell it and have these ridiculous requirements. I could see putting 10% down, as I'd rather not deplete my account 60 - 70k right now. Heck, at that point, I might as well just forget the bank and pay in cash... But I don't want to do that either. I have it tied up in investments that are actually making me money. Told the wife that I'll probably just end up getting a bigger sailboat in the spring. Anyhow, sorry for the rant. Fresh in my mind as I get off the phone. Good luck to those buying condos around Winni, and better luck to those selling.