our family is under contract for our second home in Tampa Florida today!
It is super exciting but daunting as well.
We are planning to move to Tampa in about 2 years or so. We purchased this as a home that we would love and so we got it under a second vacation home loan with 10% down. But because we cannot move there right away, we would want to rent it out the first two years but I don't know if we could do that under the 10% down payment as a second vacation home loan.
The lender I talked to told me that I can rent it out later but just don't tell them on the application. But I worried that will be mortgage fraud. Is there a good way to get around this? Can I do part vacation rental for part of the year or can I do airbnb?
The house I am buying is 3 bed/2 baths with an built in office and it has a pool. It is going for $285k in a good part of New Tampa, 1789 sq ft house with about 0.15 acre.
We will be planning to rent out our primary residences when we move and so that will be our rental income.
Can you guys give me any advise on what I can do? Should I still get the second vacation home loan with 10% down? Or should I do an investment loan with 20% down?
So long as your honest intent is to live there full time you will be fine with the vacation home funding.
Congratz on the purchase. Since it is a vacation home you should be able to rent it essentially for less than 180 days out of the year. Please double check the zoning for the town you purchase to home to see if short term rentals are allowed. I found the below article for second/vacation homes. You can double check with your lender but good for you to be on the cautious side.
Could you share what lender you used? I'm trying to find one that offers the 10% down program for second homes.