Vacation homes offer the luxury and comfort of being your “home away from home.” Whether it is to hear the roar of the ocean at your beach cottage, fish at your lake house, ski at your cabin or simply have a getaway destination on demand.
Qualifications for a mortgage can be a bit more challenging on a second or vacation home than a primary residence. Purchasing a 2nd home generally takes at least 10% down. In other instances, at least 20% down may be required. Credit score requirements for a second home are also higher than purchasing a primary home.
Applicants without a lot of cash on-hand may still have options, such as a home equity loan or a reverse mortgage (for applicants age 62+). According to The National Association of Realtors
about 1/5 of buyers tap into equity from their primary residence to make the down payment on a second home.
A second home is a luxury that many people dream about. Owning a second home can also provide practical benefits. Loan Originators have programs specifically designed to help you achieve your Zen without losing your mind.
Answer a few questions and a Home Loan Originator contact you.