How many 2nd home mortgages can you take?

[Mason Blake]

I have it in my head, probably from listening to many many REI podcasts, primarily BP, that one can only take out a single 2nd home mortgage at a time. If you wanted to do an additional 2nd home mortgage, you'd have to pay off the first or do something creative to "release" said mortgage product.

Do I recall incorrectly? My mortgage broker tells me that there is no limit, but this doesn't seem right. 

[Adrian Herrera]

Hi Mason,

My apology, I misunderstood. 

However, your broker is still giving you accurate info. You may take out multiple second home mortgages. As long as the property in question meets the criteria for a second home/vacation home, it is allowed.

The requirements are below...

Single Family Homes only.

Must be 30 miles away from your primary.

Cannot use rental income to qualify (When purchasing a rental prop, we can use 75% of the market rent)

If these requirements are met, we can acquire the property with 10% down.