Vacation & Second Homes

With lifestyle demands in a growing or busy family, a second home or vacation property for those weekend getaways can be very appealing and easy to approve. It is a mis conception that purchasing a second home requires 20% down payment.

Second homes can be purchased with as little as 5% down payment and with best/preferred rates. This can be for the use of a recreational property or for the use of buying a second home for family such as an aging parent or adult child. Or, a second home for an individual working in multiple locations.

This can not be confused with investment or income properties. 20% down is required for any property generating an income that is fully tenanted or has the intent to be operating as a full investment property. investment property financing also comes with a rate surcharge with most lenders.

Please note that Vacation property must have year-round access.