Second home mortgage

[Dyami Pike]

I talked to a lender the other day about options as far as mortgages go. Has anyone used the second home mortgage? I noticed it had a lower down payment (10%) and as long as you occupy it for 14 days a year or 10% of the time you rent you can use it as a rental. How did you structure it, how do you set up your rental? Short term Airbnb?

[Katherine Blazer]

Hi @Dyami Pike, Second home loans are a great option and tool. It sounds like you already have a lot of good info about them. A few additional items. You do need to qualify for the additional loan with your current income and DTI. YOu will not be able to use any of the projected rental income to qualify. You will also need to look in another town; they normally require at least 50 miles from your current residence.