Second home loan or investment property loan?

[David C Heiling]

Hey, y'all!

David here. Going through my options for a property in Maine that we intend to use as a STR. I want to make sure I tie my shoes tight and stand up real straight and be above water here — I want to do everything right.

I've been presented with the possibility of financing this property by using a second home loan (10% down instead of 15-25%), and it's appealing to keep liquid. I have no problems with hanging out at my second home for 14 days and my potential mortgage lender assures me that it's on the up-and-up. 

What am I missing? Tax implications? Forms to fill out? Blindsided by mortgage fraud letters in the mail?

There are some forums on here that debate the different requirements by different lenders on what qualifies as a second home loan v. investment property, but at the end of the day — if the only real difference is that I can save 10% and have to hang out at a beautiful AirBNB for two weeks, I'm all in!

Any intel would be greatly appreciated! 

Here's to bigger pockets.