Are you looking to finance a second or vacation home?
Here are some things to keep in mind:
- You need a minimum of 10% down payment, it is better if you can put 20% down as you can avoid mortgage insurance.
- The location of the home needs to make sense. There is not a rule that says the home has to be a certain amount of miles from your primary residence, but, it has to make sense that it is a second, or vacation, home.
For instance, in Arizona, if you own a home in Phoenix, you can have a second home in Flagstaff, or Prescott, but not in Chandler. Lenders do not feel that you would have a vacation home in a community so close to where you live. The lenders would treat the home in Chandler as an investment property and it would be subject to higher rates.
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