A second home, also known as a vacation home, is an additional dwelling that the borrower occupies alongside their primary residence. However, it is important to note that second homes are limited to 1-unit dwellings.
When considering a second home, there are certain criteria that should be met:
– The location of the second home should be reasonably distant from the borrower’s primary residence.
– The borrower must spend some portion of the year occupying the second home.
– The second home should be suitable for year-round occupancy.
– The borrower should have exclusive control over the property.
– The second home should not be subject to any timeshare arrangements, rental pools, or other agreements that require the borrower to rent or relinquish control of the property to a management firm.
At MortgageDepot, we understand the importance of finding the perfect second home that meets your needs and desires. Our team of experts is here to guide you through the process and help you secure the financing you need. Contact us today for more information about our Second Home mortgage programs.
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