Looking for a second home or vacation home but have been stymied by the 20 percent down payment required? It looks like help is on the way.
Received a note from the good folks at Sterling Mortgage that 10 percent financing for second homes and vacation homes here in the Phoenix market now is available for the first time in about a year. Which goes to prove that lending, like everything, runs in cycles. One day it’s more conservative, the next day some are willing to take risks other are not.
I’ve got feelers out with other lenders to see if they’re following suit but my guess it’s only a matter of time … once one lender crawls out on that ledge, others are sure to follow.
Stay tuned …