Hello, trying to buy a second home to rent. The first bank told me it couldn't be closer than 50 miles to my current home. Has anyone heard that before?
@Amber Cheney I worked in banking and second homes are vacation homes, not rental properties... At least at the bank where I worked.
I agree, don't use the terminology "second home". Call it "investment property".
Are you claiming its a second home when you intend to rent it? That's won't fly. A second home is a property you use personally, at least some of the time. A rental isn't a second home. You need an investment loan, not a second home loan.
Ah. Now I understand. Thanks