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Updated almost 2 years ago on . Most recent reply
Vacation/2nd Home Loan Parameters
Good afternoon,
Can someone point me to good information about vacation/2nd home loans? For example, if I purchase a property this way, what requirements do I have to meet/follow (use it so many days a year, etc)? I assume I can only have 1 vacation/2nd home loan at a time? Is there a seasoning period, like a primary residence, where I can do this again? Thanks for your time.
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#3 Private Lending & Conventional Mortgage Advice Contributor
- Lender
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My understanding is that there are several big hurdles on these loan types if you are planning to use as an investment:
The big ones:
- Can't rent more than 1/2 the year (180 day limit)
-Can't use any property management company
-Have to live (primary res) somewhat near the vacation rental property
-Can only be one unit