How to finance a vacation home | 2nd home mortgage
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- Опубликовано: 27 июл 2024
- In this video, I go over what you need to know about vacation home financing. There are pros and cons to buying a vacation home and the financing rules can vary. As a mortgage broker in Sacramento, I deal with many clients buying vacation homes on the coast or in the mountains. I hope you found this video helpful. I love real estate and everything that has to do with real estate investing mortgage, and personal finance. If you enjoyed this video and found value, please consider subscribing!
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Hi, can you use rental income on the second home to qualify for a 3rd home loan, such as investment home
Good 👍
They’ve got more expensive since I posted this (price and rate), but the info still applicable
Hi thanks for your video. Helpful info for sure. Was wondering if you have any recommendations in the Arizona market particularly in northern Arizona. Thanks!
I’m not an AZ expert but my Arizona branch certainly is. Connect with my team who will connect you here: greatmortgagebroker.com
Can you use gift funds for the 10% down?
Can you buy a duplex as a second home? Thank you
So you must have primary residence to qualify for vacation home loan? I can’t rent a home as a primary residence and then get a vacation home loan to purchase a property in a vacation market ?
I want a vacation home my first home I rent and the vacation home will be my first purchase . I’ll smash like button after I get a reply from you . It will be my second home but first purchase . I won’t buy in San Diego . To much
GO ahead and SMASH the like. San Diego is expensive, maybe BIg Bear?
Great info Matt! I’m considering buying a second home in Tahoe later in 2021 and I’ll keep you in mind when I’m ready to purchase. Just for clarification, will listing my property on AirBnB turn my vacation home into a rental/investment property for tax purposes?
My default answer in regards to taxes is always consult a CPA.... BUT I can tell you that I'm fairly certain you'll show rental income as well as expenses on the property as a 2nd home or an investment property. Good question and I'm going to ask my CPA Tuesday as I have many rentals but no 2nd home yet.
Excellent, concise video, Matt. This answered all but one of my topics of questions: How soon can someone typically move into a vacation home? If I rent west coast and because of west coast income qualify to buy a vacation home east coast, at what point is it usually permissible to the lender or whoever to move over there? Is it at a certain level of equity? Never?
A lender wouldn’t care if you moved in. 🤙🏼
@@MattTheMortgageGuy So in spite of all of the requirements they throw at you for income, verifying your income and employment etc., after you’ve got keys in hand they’re not concerned about any of that as long as they keep receiving payments?
who do u recommend on the east coast for a investment property in DR
Http://greatmortgagebroker.com
I want to do cash out refi to buy a second home.
Happy to help, get started here: greatmortgagebroker.com
Any advice for retirees who own a home free and clear, credit score 785, with millions in retirement funds, but choose to have very low annual income because no major expenses. We do not qualify for traditional mortgage because annual income is so low.
Do I have to own my primary residence in order to qualify for a vacation home loan? Am I able to rent my primary residence and then buy a vacation home with this type of loan?