@Caroline Gerardo, my records and everything are all well above board. My question is can I have an investment property in a certain geographic area and then buy a vacation property in the same area? Normally, you can't have a vacation home or second home within 50 miles of another that you own. You also must occupy the property a minimum of 14 days or 10% of the days that you've rented the home to others. We meet all requirements of occupancy and otherwise for a second home. I'm not worried about qualifying for the mortgages in relation to income.
@Reid Chauvin, thank you for clarifying the LTV requirements. I'm glad to hear that it's possible. Financially, it may be a wash, depending on the valuation from an appraisal, so the purpose would mostly be to acquire a second home in the area after the refinance. It's easier to acquire a new property with 10% down that will be a second home than the traditional 20 or 25% down for an investment property.
