Mortgage Information...

Purchasing a beach property is an exciting time in one’s life. It is much easier than most people believe to buy a vacation home to be used for pleasure or investment. There are many programs available to choose from when it comes to financing.

Many people wish to purchase with as little down payment as possible. Obtaining a loan has become much more streamlined in recent years. Programs that are available include low or no down payments, no income verification, stated income and interest only loans.

Many people choose the “stated income” or minimal documentation loan. This type of loan works well for an independent contractor or a self-employed person. Borrowers that have been self-employed for two years and have at least a 700 credit score are able to purchase a second home with only 10% down.

When obtaining financing, it is best to work with a lender in the market that you are purchasing in, instead of your local hometown lender. There are many reasons for this. Most importantly, lenders in resort markets specialize in second home and investment financing. They have the experience, knowledge and saviness to make the process quick and easy.

Resort lenders deal with people that already own other real estate on a daily basis. For example, they can arrange for second home financing on a beach condo, even if you already have a home at the lake that is not your primary residence. This is also possible if you currently own condos in the immediate area that you wish to purchase, as long as you are currently renting these existing properties.

When it becomes time to finance your purchase, you may contact me for assistance in finding a mortgage professional in our area that can meet your needs.