There are two possible ways to get the best rate possible, even with Fannie Mae sticking it to second home buyers!

The first is a 2 part mortgage. 

One lender, Drew Wright has a program at FNB where you do a 60% first mortgage at an incentive rate similar to that of a first home buyer, and then a second mortgage (home equity loan) of 20% at an even lower rate, with a 15-year amortization.

What he found with his calculations is not only a cost savings on interest but also an increased equity position due to the 15-year amortization.  Click here for a quick recorded message about the process/savings or email me and I’ll forward to you a written version.

The second option is a delayed financing program.

In this scenario, the buyer pays cash for the property, which can potentially save you money in initial negotiations, and then within 6 months of closing you cash out with this loan.  Because it’s not considered a new purchase, they are offering advantaged rates.  And it allows for a 30-year amortization, which a home equity does not.

Either way, if you want to invest in a beach home now, here are two great ways to save some money!  Call me to set an appointment and discuss a strategy that works for you!