Buying & Selling Real Estate
Market News & Data
General Info
Real Estate Strategies
Short-Term & Vacation Rental Discussions
presented by
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Tax, SDIRAs & Cost Segregation
presented by
1031 Exchanges
presented by
Real Estate Classifieds
Reviews & Feedback
Updated over 7 years ago,
mortgage for second home vs investment property
Hey guys a quick question. I live in Canada and want to purchase a second home in California to use for me and my family for vacations and to rent on Airbnb when I'm not using it personally.
Speaking with a cross border mortgage bank that will use my Canadian credit in a USA mortgage. If it's a second home I need 20% down, if it's an investment I need 40-50% down.
Just wondering what the min # of days need to be (that I need to live in the home) to be eligible for a second home mortgage.
If I need to put down up to 50% I wont be able to do this and I dont want to commit mortgage fraud either.
Any advice is appreciated.
Thank you