Buying a rental

Lending guidelines are very specific regarding 2nd homes and investments homes.. if you purchase a home with the intent to live there 364 days a year, but rent it out one day a year, then according to guidelines, it's a rental, and you would have to purchase the property as an investment.. you would need to put at least 20% down, preferably 25%.. So to answer your question, if it's a 2nd home that you will rent out sometimes, or its a rental that you will use as a 2nd home sometimes, in either scenario, it's a rental, and subject to investor guidelines. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Yes. Williams Acres gave specific guidelines one best adhere to. That is not to say that people have second homes that they eventually end up renting out time to time. However, the regulations are specific in regards to investment properties be they only ocassionally rented out or regularly rented out. A mortgage broker or consultant/planner can help you understand all your loan options and to stay within your budget on this purchase.