Vacation/second home loan question

[David Rutledge]

Hi Everyone,

My wife and I are planning to purchase a second home out of state and we would like to rent it out short term while we are not there.

My question is there a limit on how often we can rent it out over the course of a year while we are not there? If so, I know a lot of people get second homes that they visit 5 or 6 times a year that they STR the rest of time so I know it is possible but I am not sure if this is allowed or not and I am assuming a lender would notice this when they see the insurance coverage on the property that covers STR?

Thanks everyone.

David

[Brady Boyer]

Came across this thread after listening to last weeks podcast (show 364) with Avery Carl. If you haven't listened to the episode I highly recommend it. In it she points out that both you and your spouse can get one of these loans in your individual names (i.e. thus two total). 

Additionally, had a questions regarding these loans. Can you do a cash out refinance at a 90 LTV (i.e. 10 % down) with these loans? My guess is no.