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You have no cash for the down payment conserved yet, but you intend to place 15% down. To obtain the 15% deposit, or $30,000, you'll need to conceal away $1,250 a month for the next 2 years. If you don't have the alternative to cash-out re-finance, you'll require a strategy to conserve your down payment. Your other option is to secure a second mortgage, however know that your lender will certainly need a bigger down payment. While you can buy your key home with as little as 3% down, your villa will require at least 10%-- or perhaps better to 20%.
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