Unless eligible for a Sonoma County Harp 2 Loan, where a loan to value is not required, the purchase or refinance of the second home has to have a minimum of 10% equity. In such a scenario,  PMI  a.k.a. monthly mortgage insurance would be applicable on a monthly basis until 20% equity is reached  by virtue of paying down the balance over time based upon the original appraised value.

If  you’re looking to receive a complementary mortgage rate quote for a second home property, start today by filling out our easy rate quote form for some complementary no obligation numbers.