Second Homes

Second Home Financing:

Fulfilling Your Weekend Getaway Dreams

In the whirlwind of family life or bustling schedules, the allure of a second home or vacation property for those cherished weekend escapes is undeniable. Contrary to popular belief, purchasing a second home doesn’t necessarily demand a hefty 20% down payment.

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Second homes can be acquired with as little as a 5% down payment, offering access to the best/preferred rates. Whether it’s a recreational retreat or a second home catering to family needs—such as accommodating aging parents or adult children—or even for individuals navigating work across multiple locations, the options are within reach.

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It’s crucial to differentiate between second homes and investment or income properties. While second homes warrant a 5% down payment, investment properties necessitate a 20% down payment if they generate income through full tenancy or intend to operate as full-fledged investment properties. Financing for investment properties often incurs rate surcharges across most lenders.

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Please be aware that vacation properties must ensure year-round access to qualify for financing.