Simplified explanations of common mortgages and loans
Various articles explaining the variations and implications of a commonly used mortgage terminology.
Florida Second Home Mortgage Loans
Here in Florida buying a second home can be a dream come true for most people. Some things to remember about second homes as they are viewed by lenders differently from a primary residence and differently from an investment property. A second home is a single family residence (including condos but not time shares) that a consumer will occupy on a part time basis.
Depending on the criteria of the lender a second home can be rented out as a vacation rental on a short term basis, but must be occupied by the owner for a portion of the year. A second home cannot be rented on an annual basis. A consumer should talk to a certified public accountant to understand the tax impacts of renting out a second home.
Second Home Mortgage Loans Available in Florida
Renting out a second home for 3 to 6 months can help a borrower off set their expenses. Before you do consider renting your second home make sure you understand the lenders criteria.
Generally second home mortgage loan interest rates run a little higher. FHA, VA, and USDA mortgage loans cannot be used for second homes purchases. Generally only conventional loans with 20% down plus closing costs can be used for the purchase of these homes. Some seller concessions maybe allowed
Our service has been designed to remove the stress and misunderstandings commonly associated with buying a property.
For further information about getting the right mortgage for you and to arrange your 'NO-FEE ASSESSMENT'
CALL US on (+1) 941-921-1110