Second Home/Vacation Home Loan

[Matt Fisher]

Hello,

I recently inquired with the mortgage company I have been working with in regards to a second home loan or vacation home.  From what I understand these loans allow you to be less down (10%) if you meet certain criteria.  I received the below response:

Fannie Mae rules changed about 3 months back and unfortunately 25% down payment is required now on 2nd homes.  Also you sign an affidavit on a 2nd home at closing that states you will not rent out the property

I would plan on using as a short term rental, but would like to select a location my family would like to spend time at. I'm interested if anybody has some feedback on ways to lower my down payment?

Thanks,

Matt Fisher