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Updated almost 2 years ago on . Most recent reply

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Denis Ponder
  • New to Real Estate
  • Yuma, AZ
243
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280
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Vacation/2nd Home Loan Parameters

Denis Ponder
  • New to Real Estate
  • Yuma, AZ
Posted

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.

  • Denis Ponder
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    Robin Simon
    #3 Private Lending & Conventional Mortgage Advice Contributor
    • Lender
    • Austin, TX
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    Robin Simon
    #3 Private Lending & Conventional Mortgage Advice Contributor
    • Lender
    • Austin, TX
    Replied

    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

  • Robin Simon
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