hi is there a different credit requirement for getting a second home versus an investment property?

A second home needs to be at least 50 miles away from your home, and it helps if it is in a recreation or vacation area. It may have a slightly lower interest rate than an investment property. Also, you can not show income from the vacation home, as part of your debt to income ratio.

Good Morning! In many instances, they are looked upon in the same way, but typically a 2nd Home will offer a larger Loan to Value. As Dave noted, there are requirements to be met such as distance and location and if you really intend the rent the property, it would be best to just purchase it as an Investment Property. I would check with your Tax Professional to see the benefits of purchasing the property as pure investment as I think there will be more upside in the long term. Good Luck!

Hi Dillonendersd, You'll get a better interest rate on a 2nd home VS an investment property and you may only need 10% on a 2nd home VS 20% on an investment property. Please feel free to contact me for more information or help. John Burke | Senior Mortgage | Great Plains National Bank | (877)228-9069 | Lending in ALL 50 states |

2nd home rate are as good as primary residences, but must makl sense as a 2nd home. I do these all day long... give me a call Ralph Guertin 954-274-7725 or email me at ralph@absolutelowrates.com