Financing deals

[Josh Tonecha]

We are  a couple years away from realizing our goal of purchasing a vacation home in Orlando and I am wanting to hear all the different ways you can finance these deals. If anyone has any great people they use to refer me to or some literature to read I would appreciate it. I'd love to see if I can accelerate the process safely, but in general need to know how to finance this project.

Thanks!

[John Kent]

@Josh Tonecha for financing purposes a vacation home would be considered an owner occupied purchase. Although, it would be a second home not a primary residence. Generally, second home loans are 90% LTV. Properties used for rentals would be considered investment properties. Investment property loans generally start at around 80% LTV. If your plan is to purchase a short term rental home, a second home loan may work if you personally use the property for a certain number of days per year.

If you PM your contact info I can connect you with a local lender who can answer your questions. Most of the literature (origination matrix) needed to understand mortgage options isn't available to the general public. A loan officer who originates for multiple lenders will be able to compare your borrower profile with the matrix from different lenders.