Second Home

–The loan limit for a conventional loan is $417,000 (for a single family home or condo)

— Minimum down payments: 10% down for second home purchases for conforming loan pricing

–Seller can pay some or all closing costs and prepaid expenses associated with a purchase but this needs to be negotiated into the contract and is limited as follows:  if the down payment is between 10% and 25%, the seller can pay 6% toward closing and if the down payment is 25% or more, the seller can pay 9% toward closing.

— Minimum of 700 credit score required by Merrimack Mortgage Company for conventional loans.  Note:  the interest rate may be higher for lower credit scores depending on the property type, the down payment, etc.

–seasonal properties can be financed under this program

–other terms available through our broker relationships

— JUMBO loan pricing and options available upon request..

Merrimack Mortgage Amazing Loan Ladies Mortgage Loans for Maine, New Hampshire and Massachusetts

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