Loan options for second home/vacation home
Hello BP fam,
I currently am looking at a possible loan for a vacation home out of state. I live in CA and buying in TX.
This is the scenario using a full doc loan with FICO of over 726 and $$K reserves, verifiable income of 70K a year, this is what I got back.
Can be Approved for up to 300k using rental income of the property in question, with a %15 down and interest of 6.8 and I still need to pay for points.
I feel this might not be the way to go, Is there another way to go about this or are there any loan officers here that can give me something better to work with.
or am I completely out of my mind and this is a great deal ;)
Like always thank you for the feedback.
Learning and growing here :)
Most Popular Reply
@Erika Calderon Based on the quote you received, it appears you are buying a single family home. Is this assumption correct? Both @Jay Hurst and @Dave Skow have brought up very good items to consider as part of this equation.