10% Down Payment Vacation Home Loan

[Evan O'Brien]

When looking to utilize a 10% down payment vacation home loan to purchase a STR, is this type of loan usually offered by conventional lenders? Or will portfolio lenders also offer this type of loan product? Any information would be greatly appreciated! And is there a way to access a list of lenders that offer 10% down payment vacation home loans?

[Luke Carl]

When it comes to lending there is a difference between a “second home” and a “short term rental. The latter being a tradition investment loan regardless of short or long term rental. 

Yes any broker can do either loan but it doesn’t mean it’s in their wheelhouse. Always ask your loan person how many of what type of loans they’ve done recently, and how many closed in the state you’re looking to close in. It’s best to use someone who is repeatedly doing what you’re trying to do

Don’t go to an eye doctor for hand surgery. although doctors are usually smart enough to tell you it’s not what they do.