10% Down requirements

[William Blaker]

Hello everyone, very first post. We're looking to get our first property this year. My question is simple: IF we utilized the vacation home option and put 10% down, does the requirement of staying there 14 days a year go away once 20% of the principle is paid on that loan? Or would we have to refinance and change the terms?

Thank you for your expertise. 

[John Underwood]

That's a great question. My thoughts are it's still a second home loan no matter what you have paid the loan down to.

I would check with some mortgage brokers and see what they say. Preferably the mortgage company that you would use for the loan.