Vacation/2nd Home Loan Parameters

[Denis Ponder]

Good afternoon,

Can someone point me to good information about vacation/2nd home loans?  For example, if I purchase a property this way, what requirements do I have to meet/follow (use it so many days a year, etc)?  I assume I can only have 1 vacation/2nd home loan at a time?  Is there a seasoning period, like a primary residence, where I can do this again?  Thanks for your time.

[Robin Simon]

My understanding is that there are several big hurdles on these loan types if you are planning to use as an investment:

The big ones:

- Can't rent more than 1/2 the year (180 day limit)

-Can't use any property management company

-Have to live (primary res) somewhat near the vacation rental property

-Can only be one unit