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 Conforming Loan amounts up to $548,250

Second Home Mortgage Programs

Second Home Mortgage | Vacation Home Mortgage

Buying a second home or vacation home is a dream for many Americans. It’s also a big decision. Before you make any major money decisions make sure you break down the pros and cons of such an investment.

A second home can act as both a vacation home and an investment, as homeowners can easily rent them out when they’re not staying there. But like most home purchases, buying a second home probably means you’ll need a second mortgage. When you are going through the second home search and purchase process, there are a number of factors you’ll need to account for. These include overall affordability, purposes for the home, tax considerations and payment terms. Meet with a financial advisor in your area if you have questions about how buying a second home could affect your short- and long-term financial plans.

The Conforming Mortgage Program [ also known as Conventional ] is a great option when you are looking to purchase a new home as a primary residence, second home or investment property. These types of loans are generally below the standard conventional loan limit of $548,250 in 2021 for a single family residence and make up the majority of home loans sold in America today. There are also established guidelines required for credit scores, income, work history, and minimum down payments.

What Are the Advantages of Conforming Second Mortgages?

  • Minimum down payment of 10%
  • No prepayment penalty ever
  • 30yr, 25yr, 20yr, 15yr, or 10yr
  • Up to 43% debt to income ratio
  • With or without mortgage insurance

What Are the Requirements?

  • Minimum credit score 680
  • Debt to income ratio under 43%
  • Minimum down payment of 10%
  • Down payment must be verified
  • You must live in the house for some part of the year
  • The home must typically be located at least 50 miles away from your primary residence
  • The home cannot be subject to a rental, timeshare, or property management agreement
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*Assumes 2.799% APR, 20% down payment, and conforming 30-year fixed rate first mortgage on a single family, primary residence. The monthly payment you enter includes only principal and interest. Additional required amounts such as taxes, insurance, home owner association dues, assessments, mortgage insurance premiums, flood insurance or other such required payments should also be considered. Not all individuals will qualify for a mortgage loan based on the payment entered. Rates cited are for instructional purposes only; current rates are subject to change at any time without notice.  **Posted APR is based on Mortgage Assumptions. 
 
 
Copyright © 2021 Fidelity Home Group supports Equal Housing Opportunity | All Right Reserved  | NMLS Identifier 1834853. Fidelity Home Group is not affiliated with the Department of Housing and Urban Development (HUD) or the Federal Housing Administration (FHA). Fidelity Home Group is a Mortgage Corporation serving the state of Florida. Not intended for legal or financial advice, consult your own professionals if such advice is sought. This site is not authorized by the New York State Department of Financial Services. No mortgage loan applications for properties in the state of New York will be accepted through this site. Accessibility Statement  | Consent to Receive Electronic Loan Documents  |  Cookies Policy   |  Disclosures  | Email and Mobile Policy |  Fair Lending Policy  |  File a Complaint  |  Mortgage Assumptions  |  NMLS Consumer Access  |  Privacy Policy  |  Terms of Use 
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Fidelity Home Group
4700 Millenia Blvd Suite 175, Orlando, FL 32839

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Monday - Friday 8am to 7pm EST
Saturday - Sunday 10am to 6 pm EST