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Financing a Second Home

Financing a second home is easier now that there are more financing options. Second homes provide a quiet place for family vacations or as a retirement home in years to come. For many families, there is no better vacation than returning to the same home year after year, to build a lifetime of happy memories at "the summer house". I have an increasing number of clients looking for second home mortgage options for property other than a principal residence. If you are looking for a cabin on the lake, or in the woods, a home at the beach, or just a piece of land to build on in the future I can help you. Email with any questions about financing a second home.

While many lenders only offer a second home mortgage requiring a 10-20 % down payment and at interest rates much higher than required for conventional loans, we can make your dream come true with only a 5% down payment. And at regular, conventional interest rates. Loans are available as 30 or 15 year fixed rate, adjustable rate loans, balloon loans, and we can even help you with a "stated income mortgage" second home mortgage if your income is difficult to verify. Interest only products are readily available making the payments more manageable than before. Many of my clients obtain the down payment for their second home by taking out a home equity line on their primary residence. If you can afford the monthly debt payments of the equity line, this technique can be an easy way to get the cash for the second home.

New! 100% second home mortgage financing is now finally available for second homes! Financing is available up to $400,000 with a 45% debt to income ratio, $1,500 residual income and only 2 months of liquid reserves. When you find the "perfect" second home, we have the financing that makes sense.

We can help finance a second home if you are building with construction loans. If you are buying land to build on later I can help you with a lot loan. Or, if the home is already built, I can help you with the permanent loan. We offer 30 and 15 year fixed rate loans, adjustable rate mortgages, balloon mortgages, stated income, and no documentation loans. We can even finance your vacation home with a program which will allow very high debt to income ratios. If you are concerned over having to make a large down payment, I have several loan programs which will allow only a 10% down payment for vacation homes. Please let me know what you are trying to do by completing my QualifierQuicksheet and I will give you an idea of the  options available to you.

I have added some additional information if you are looking at a Condo-Tel as a second home

I have included a page on how to calculate your mortgage ratios.

I have included a page on mortgage documentation requirements.

We offer you the ability to qualify and close into several unique programs which accommodate borrowers with non traditional income or asset situations. Please visit my No Documentation loans page.

* I have included a section on the new Cash Flow ARM A LIBOR or MTA based product which gives you complete flexibility in managing your mortgage.

As a Certified Mortgage Planning Specialist, I offer an analysis of your situation today can make suggestions on how small changes in how your consumer and mortgage debt is structured today can have a life changing effect in the years to come.  Read more about this free, no obligation service.