Real Estate Investment Property Second Home Vacation Home
During cold winters with inches of snow outside, many homeowners dream of a second home – a vacation home in a warmer climate. During the last few years, when the credit markets froze, it has been nearly impossible to purchase a second home unless you are buying it all cash.
The good news is that second home – vacation home prices have dropped considerably which means a lower loan amount and lower mortgage, making it much easier to qualify for a mortgage. However, the lending standards have become very strict making it much more difficult to get a home loan.
In order to make it easy for you to get a second home – vacation home loan, make sure to follow these 4 guidelines.
1 Raise your credit score to at least 660
2. Save a down payment of 20%
3. Keep another 5% of cash for closing costs and other expenses
4. Save more 25% – 35% down payment for jumbo loans where the loan amount is above $417,000 to $729, 750.
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This blog post is brought to you by SimplifyEm Pay Rent Online and Property Management Software
This is a blog post for Real Estate Professionals, Investors, Landlord, Property Manager, and Property Management Companies. 4 Guidelines to follow for Purchasing Second Home – Vacation Homes in Today’s Market is brought to you by SimplifyEm Pay Rent Online and Property Management Software
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