Home Sweet (Second) Home

March 5, 2018 By , ,

Investment Properties and Second Homes

Whether you’re interested in creating income, or creating a fun vacation spot, buying a second home can be a fantastic investment. We have mortgage options to help you buy and finance a second property. Let us find the right mortgage loan to suit your needs.

Many people are unaware that there are differences between financing a second home and financing an investment property. Both have different requirements and may require higher interest rates and credits scores than primary residence homes. Both second homes and investment properties are predominately purchased with conventional financing. Call to find out what you qualify for!

Second Home vs. Investment Property:

Second Home:

  • Down payment can be as low as 10%
  • 1 unit properties only
  • Gift funds allowed
  • Buyers must live there at least some time during the year

Investment Property:

  • Down payment can be as low as 15 – 25% depending on the number of units
  • 1-4 unit properties allowed
  • Gift funds not allowed
  • Generally buyers don’t live in the property, but rent it out for income

Whether you’re interested in a second home for investment income, tax benefits, creating a family vacation spot, or getting away in the cold winter months, we can find what’s right for you! Give us a call to find out how we can guide you to the property of your dreams.

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