Vacation loan/Second home loan for STR in Joshua Tree

[Mathew Garcia]

Hello everyone. I'm currently seeking a vacation home lender to be able to put down 10% on a STR in Joshua Tree. I understand that the property has to be used by the owner at least 14 days out of the year, but are lenders usually okay with it being used as a short term rental as well? I'd obviously be transparent about it with the lender to avoid problems down the road, especially once acquiring the loan and the property. Any references/information on this matter would be greatly appreciated! Thanks in advance.

[John Underwood]

Quote from @Mathew Garcia:

Hello everyone. I'm currently seeking a vacation home lender to be able to put down 10% on a STR in Joshua Tree. I understand that the property has to be used by the owner at least 14 days out of the year, but are lenders usually okay with it being used as a short term rental as well? I'd obviously be transparent about it with the lender to avoid problems down the road, especially once acquiring the loan and the property. Any references/information on this matter would be greatly appreciated! Thanks in advance.

You'll likely have to pay PMI every month until you can get 20% of house paid off or until house appreciates enough.