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?
What Are the Requirements?
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Fidelity Home Group
4700 Millenia Blvd Suite 175, Orlando, FL 32839
Hours of Operation:
Monday - Friday 8am to 7pm EST
Saturday - Sunday 10am to 6 pm EST