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Second Home

Second home or vacation home loans are treated the same.

Second homes and rental homes and are financed differently.

If you can qualify for your purchase without the property generating any income, buy it as a second home. You’ll get a better mortgage interest rate, and qualifying is more straightforward when rental income is off the table.

However, if you need to rent out your second home to afford it, it becomes an investment property, not a second home.

You can buy a primary residence with just three percent down in many cases, but it takes at least ten percent down to buy a vacation home, and that’s if your application is very strong.

What about FHA or VA loans? Unfortunately, the government doesn’t back loans for anything but primary residences.

Your loan of choice for a second home will probably be a conventional loan underwritten by standards set out by Fannie Mae and Freddie Mac.

It is tempting to jump into a vacation home purchase, but first, weigh the benefits and costs. Ensure that it makes long-term financial sense to buy. While there are upfront costs, a second home purchase can be a nice addition to your real estate portfolio or retirement plan.

What are today’s second home mortgage rates? Mortgage rates are low across the board, so vacation home loans are cheap right now as well. Terms tend to be similar to primary residences without the smaller down payment options.

Get a custom quote with Scissortail Financial to explore the options for your vacation home purchase.

Call us today to take the first step.

You will be glad you did.

We will refer all of our family and friends to Scissortail Financial-
Greg and his staff go above and beyond to help get the financing done! We used them to purchase our new home and they guided us through the process and were so helpful! They pulled long hours to make sure everything was ready for our closing!! I will refer everyone to them and would use them again! They answered all the crazy questions we came up with and did an amazing job! Love them! We will refer all our family and friends to them!

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