Vacation Home Financing
Whether your second home is at the beach, on a lake, in the mountains, or another destination in the United States, American Financial Resources has great programs to help you purchase or refinance a vacation property.
We've assisted tens of thousands of home buyers and homeowners in the United States and we're one of the largest non-bank FHA lenders in the Country.
Give us a call today at 800-634-8616 or Get Started Online in minutes.
Purchasing a Second Home
Due depressed home values in many markets, and foreclosure and short sale properties available in many desirable vacation communities, now may be a great time to consider pursuing the vacation home you've been dreaming about.
Instead of renting a house or staying in a hotel for your family vacations you will be able to escape to your second home, which is sure to become a family treasure that will be appreciated by generations to come. If you plan on retiring to a place you love in a few years you might want to purchase the home now and get to enjoy it on vacations and long weekends until you are ready to move there full time.
At AFR Mortgage, we have great purchase products for second homes including conventional fixed rate loans, adjustable rate mortgages, and non-conforming jumbo loans.
If you're considering refinancing your second home, you can turn to us for low interest rates and closing costs. We offer both fixed rate and adjustable rate refinance solutions. Be sure to ask us about our rate and term and cash-out refinancing options.
Vacation Home Mortgage Requirements
In general a property can be financed with a second home mortgage when it is primarily for personal use, and is not located too close to your primary residence. Exceptions can be made to the distance requirements when the vacation home is in a resort or vacation community such as a beach town. Lending guidelines for second home financing are slightly tighter than that of primary residences. In times of financial hardship people are often more likely to default on a second home mortgage, than on the loan on their primary residence, making second home loans more risky to the investor. You will be asked to show that you can afford the additional payment based on your income, and that you have enough money in savings to pay several months of your mortgage payments should there be an interruption in employment.
To get your vacation home mortgage process started simply request a quote through the short form on this webpage, fill out a short form online, or if you prefer to speak to someone right away give us a call at 800-634-8616. One of our experienced and knowledgeable loan consultants will be happy to help!
Last Updated: October 14th, 2011 12:55 PM CDT