SECOND HOME or VACATION PROPERTY
Do you dream of a special vacation home, a retirement property, or even a second home for family members? Family life is usually always changing, with your growing or busy family, this dream can happen. A weekend getaway home, children attending school in a different city, or even a home for aging parents are options available under this program. In order to qualify for this program, you and/or your family member must be living in the property. If the second home is being purchased outside of the city for a vacation property it must have year round access.
Purchasing a property that will be rented out in part or in whole, is classified as an investment property. The property will have rental revenue. It could be a single family dwelling, a condo, or a multi-unit property. Different lenders have different requirements regarding down payment, number of units in the property. Each revenue property is unique, therefore, to find the best mortgage product available, it is always best practice to review your financial situation, the property details, and discuss your goals.