A 2nd home is one located at the beach, or the mountains, the lake or some other resort type area… not across town and certainly not in the same neighborhood. We have done 2nd homes for others who live out of state who need a 2nd residence in our state for other legitimate reasons too though.
A 2nd home can be rented, but not to an individual who has an annual lease. You must have full access to and personally occupy the home at least 2+ weeks out of the year. So renting the home on Airbnb July 4th week when people will pay $8000 a week to rent your 2nd home is fine.
A 2nd home is one located at the beach, or the mountains, the lake or some other resort type area… not across town and certainly not in the same neighborhood. We have done 2nd homes for others who live out of state who need a 2nd residence in our state for other legitimate reasons too though.
A 2nd home can be rented, but not to an individual who has an annual lease. You must have full access to and personally occupy the home at least 2+ weeks out of the year. So renting the home on Airbnb July 4th week when people will pay $8000 a week to rent your 2nd home is fine.
Pricing on a 2nd home isn’t the same as a primary home anymore. It used to be identical, but is now pretty much the same as investment rates. The benefits of a home being financed as a 2nd home is that the down payment can be gifted which is not allowed on investment. You can also still obtain up to 90% financing where an investment property requires a larger down payment. The only advantage of investment is that the proposed rent can help the buyer afford more house. 2nd home buyers have to afford the home completely without using any proposed rent.
We love helping our customers obtain vacation homes. These are some of the most fun transactions because the customers are so excited and we know plenty of 2nd home buyers who enjoy these homes, they are building equity, paying their loans down and the Airbnb guests are making ALL of the mortgage payments 😘. Let us help your 2nd home buyers!! Call 919-866-0212 today!
Compliments of:
President & CEO | NMLS ID: 69586
Raleigh Mortgage Group, Inc.
NMLS 69573
bgrubbs@raleighmortgagegroup.com
www.raleighmortgagegroup.com
Call me for Quick & Easy purchase or re-finance!