A “Vacation Home” = “Second Home”
Did you know a vacation home is classified as a second home even if you don’t own the home you’re using as your primary residence? for instance, if you’re renting in San Francisco and you want to buy a vacation home in Florida, the banks would consider the Florida property to be a second home.
Here are some other things to keep in mind about buying your vacation home. Your second home:
- Is anything other than your primary residence that you plan to occupy sometime in the next twelve months, for some undetermined length of time
- Won’t be rented to other people for the sole purpose of producing income as in a non-owner occupied, rental property
- Is normally 50 miles or more from your primary residence (it should be obvious this is a “getaway” home)
These distinctions are important because they will determine the types of properties you can purchase, the kinds of loan products that you can use, and your cost of financing.
For 30 year, we’ve helped home-buyers get into their dream vacation homes. We’ll get you through the process quickly, efficiently, and with the excellent customer service you’ve come to expect.