All Forum Posts by: Jeff Chisum

 The bank statement loan program that somebody talked to me about had a much higher interest-rate. Maybe I didn’t talk to the right person. 🧐

@Shannon Green

Do it as a second home... 10% down and 30 year fixed. YOU CANNOT DO BETTER THAN THIS LOAN!

Don’t tell anyone you will be renting it out in Airbnb the mortgage company will not care! At this stage they all know that most everyone will be renting out second homes when not used and short term renters don’t use it for a residence

Also the mortgage company or bank you finance with will likely sell off the loan anyway.

And finally, you can technically have 50 second homes... the only issue is you can’t have two in the same state but you can have a second home in every state and often deal with the same lender

For example Mr Cooper (mortgage company out of Dallas TX) can do loans with 10% down for second homes in all 50 states and rates are very fair

Good luck

@Corwin Lyvers great information! I really appreciate it! One question: Is there a difference between a second home mortgage and a vacation home mortgage? Is there actually such thing as a vacation home mortgage? 

Self-employed investors seem to have a hard time getting these kinds of loans anyways IMO.

Isn't there a restriction on where you can buy? Since this is a second home/vacation rental, it wouldn't make since to have multiple properties in the same destination (ex. not owning 3 properties in broken bow), don't the 10 properties need to be spread out? 

@John Underwood

Can the 11th mortgage primary be a 2-4 unit as well which 1 unit will be owner occupied?

 In addition to having 10 mortgages, you can always buy a primary house to live in.

@Jeff Chisum - Are you saying someone can use this loan more than once?

I believe the minimum distance is 60 miles. 

 It has to make sense to an underwriter.  We have done deals where someone lives in a typical subdivided neighborhood and there is a lake community 30 miles away where they want to buy a lake cabin to go enjoy at some point during the year.  You will hear 50 miles a lot of time but there is no minimum distance requirement with Fannie.