Mortgage Brokers & Lenders
Market News & Data
General Info
Real Estate Strategies
Short-Term & Vacation Rental Discussions
presented by
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Updated over 3 years ago,
Second Home/Vacation Home Loan
Hello,
I recently inquired with the mortgage company I have been working with in regards to a second home loan or vacation home. From what I understand these loans allow you to be less down (10%) if you meet certain criteria. I received the below response:
Fannie Mae rules changed about 3 months back and unfortunately 25% down payment is required now on 2nd homes. Also you sign an affidavit on a 2nd home at closing that states you will not rent out the property
I would plan on using as a short term rental, but would like to select a location my family would like to spend time at. I'm interested if anybody has some feedback on ways to lower my down payment?
Thanks,
Matt Fisher