I live in Phoenix and I bought my home in 2006 for about $270k with 20% down. I refinanced in Nov 2009 when my remaining loan amount was about 120% of the value of the home. Today I owe about $200k and my house is worth about $140k. I spoke with my mortgage company (Huntington) and they say I cannot refinance at today's rates because I refinanced in Nov 2009, and they won't speak with me about a load mod because I am current with my mortgage payments. Given these conditions, I am considering B&B.
I have spoken with a mortgage broker with whom I did business several years ago, and he says that for the second home, I will need 20 percent down and will have to qualify for both mortgages with my income excluding potential rent on the first house. The second requirement should be no problem as I am looking at a relatively cheap home to buy. My question is - how rigid are lenders about the 20 percent down? Do any of the successful B&B members here have any suggestions for the downpayment?
Any information you can provide would be much appreciated.