Vacation Property Vs Primary Financing

[Andrew Holloway]

I am currently in the advantageous position where I live with my girlfriend in an affordable home that she owns.  I am not on the mortgage or title.  While I pay her rent there is no official document or lease.  This arrangement has allowed us both to save a lot of money and I want to start investing some of this in to other properties.

Being Jersey residents, a vacation property at the shore is kind of a dream of ours.  We are looking at trying to find something that we could rent say half the summer and use the other half.  As I do not have any mortgages or other lease arrangements under my name, how would lenders look at a property like this?  I couldn't see this being classified as a primary residence (won't spend enough time there) so I would be subject to the financing rules of an investment property?  Obviously I want to be able to get the best possible financing so I am trying to figure out how to present this to potential lenders to maximize both personal and investment potential.

Thanks,