Updated over 4 years ago on . Most recent reply
Vacation Rental Financing 10% Down?
I decided to post this in the STR forum instead of Loans because I think we'll get better responses from those of us in the STR world. In recent podcast #364, Avery Carl discussed her ability to purchase vacation rental homes with a 10% down loan. Can anyone recommend lenders with this option?
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@Chase Hoover I am happy to provide info or speak with you about the 10% option and qualifications for that. The STR market is my lending specialty! @Karen Chenaille it is not really feasible for spouse's to get another second home loan in the same market within a short time-frame. Keep in mind the second home loan with 10% down is underwritten with the intent of the property being used as a second home so it is not typically seen as reasonable that a married couple would have separate vacation homes in the same market and this may cause underwriting issues. In the last couple years technology has gotten a lot more efficient at flagging these situations, so it is not something I would recommend taking a risk on.