Purchase pathway
Second Home Buyers
A second home is financed differently than an investment property. Occupancy classification drives the down payment, pricing and guidelines, and how you intend to use the property matters to the lender.
Who this is for
- Buyers purchasing a lake, vacation or weekend home
- Buyers purchasing near family or a workplace in another market
- Buyers deciding between a second home and an investment classification
How the process works
Confirm the occupancy classification
Second home guidelines generally require the property to be available for your personal use and not subject to a rental management agreement. Renting it changes the classification.
Plan the down payment and reserves
Second home financing requires more down payment and more reserves than a primary residence.
Account for the full carrying cost
Taxes, insurance, HOA dues and seasonal maintenance can differ substantially from your primary home.
Common mistakes
- Planning short term rental income while applying under second home guidelines
- Underestimating insurance costs for waterfront or seasonal properties
- Forgetting that a second mortgage payment affects future qualification
Loan programs that apply
Conventional Loans
The most widely used financing for primary homes, second homes and rentals.
Learn more CoreJumbo Loans
Financing above conforming loan limits for higher priced homes.
Learn more Home EquityHELOC
A revolving line of credit secured by the equity in your home.
Learn more RefinanceCash Out Refinance
Replace your mortgage with a larger one and take the difference in cash.
Learn moreFrequently Asked Questions
Ready for the next step?
We will review your documents and give you a preapproval you can use with confidence. Not a commitment to lend.