Look out mountains, look out sun, look out beaches – here you come!

When you’re ready to finance the purchase of a second home, we have options.  But first things first: what exactly is a secondary home?  It’s a residence that you intend to occupy at least 15 days yearly as a second home (vacation, etc.) while maintaining a primary residence elsewhere (not in the same locality). 

Can you rent it out seasonally (i.e. week-to-week)?  Yes, although for purchases you would have to qualify for the mortgage based on existing income.  Anticipated seasonal income won’t be considered.  

For a purchase, how much should you expect to put down?  The minimum down payment is 20% of the purchase price or appraised market value (whichever figure is lower, if they differ).  

Here are some more basics:

  • For purchases and refinances, financing available up to 80% of sales price/appraised value.
  • Financing available for single family residences, town homes and 1-unit condominiums  
  • Terms available up to 30 years
  • For refinances, closing costs can be rolled into mortgage to minimize out-of-pocket expenses
  • Average application processing time is 30-45 days
  • Mortgage origination fee $895 (regardless of loan amount).  Other closing costs such as title insurance, appraisal and transfer tax are separate.
  • Financing available in all states except Texas and Puerto Rico
  • No pre-payment penalties
  • Simple online application process

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