Orlando Mortgage Blog

Second Home Dreams?

April 4th, 2019 12:40 PM by BILL WILBANKS

Have you ever thought of owning your own get away place? Can you see yourself looking over the water from your very own second home or condo? Or your own special gathering place to spend time with family and friends. Wherever your special Florida place might be, do something to get there. It can't happen unless you make it happen.

To start, making a few plans is easier with a few facts. Unless you are able to pay cash, you will need mortgage financing to complete the purchase. Ok, by definition, you need to spend at least two weeks a year in occupancy to qualify for second home status. Though you cannot use rental income on a second home to mortgage qualify, you can rent it out from time to time during the year. A lender will analyze the location and usually expect it to be at least 50 miles away from your residence, and you will need to show a reasonable ability to use it for that purpose due to location and the ability of the buyer to financially utilize it.

Unlike investment property loans, mortgage pricing is exactly the same as if you are financing a home. Conventional financing will be your ticket to success. One-unit Single Family homes and Townhomes can be financed with a little as 10% down. Existing project condo purchases can be made with 20% to 25% down upon project approval. Whether you live in the Central Florida area and would love to recreate near one of Florida's many coastal communities or find your special place away from the ever growing I-4 hustle and bustle, we want to help you accomplish it today.

Here's a thought, many folks a few years away from retirement have the foresight to pull equity out of their present home rather than dip into their savings to make the down payment on the second home now and use it as a get away for a few years until they sell the current home and transition to the second home permanently. You may even decide to sell it, payoff or reduce the balance on the second home with your home sale proceeds at that time. By doing so, you can enjoy the property now, lock into today's real estate pricing and historically low rates, and realize years of equity appreciation by buying today. But, you could if you to plan ahead folks. That's where we can help you today.

I'd love to hear your second home goals. Why not get prequalified today? Call me!

Bill Wilbanks

Posted in:General
Posted by BILL WILBANKS on April 4th, 2019 12:40 PM

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