Vacation mortgage a multi-family property?

Question

Hello- if I’m buying a multi-family (4-unit) property and am goi g to rent 3 and save one to live in part-time, but not my primary residence, does this qualify for a vacation mortgage?

Nick Belsky · Answer

If you live in it for at least 2 months of the year and have a primary residence already, you could call it a second home.  Renting it out the rest of the time would be perfectly acceptable to most lenders.  Just document everything and do what you say you are going to do.

Nick Belsky