Financing Vacation Homes? - Posted by Amel

Posted by Amel on January 23, 2003 at 07:54:15:

This is what makes this site GREAT!!! Thanks for the information!

Financing Vacation Homes? - Posted by Amel

Posted by Amel on January 22, 2003 at 15:23:32:

Hello All:

My question is how can one finance a vacation home in another state? This home will not be rented out. It will just be our safe haven in a warm state (we are located in the NorthEast). Here is our situation: own several properties, all are leveraged except one is free and clear and in the process of rehabbing (will keep and rent out when finished). ARV for the rehab would be around $75k (low end). Can we (and how) use this rental to purchase our vacation home? If not, are there any other creative financing ideas? Also, what kind of terms should I expect (80/20, etc.)? We have good credit (690+). Looking to buy a vacation home in Florida (nothing too fancy).

Thank you,
P.S. I apologize if this issue has already been addressed.

Re: Financing Vacation Homes? - Posted by GMann

Posted by GMann on January 22, 2003 at 15:49:46:

There are 100% or 80/20 purchase programs out there with 660-680+ scores. If I remember right there is a program that is a 103% loan 680+ scores that will allow you to finance most of your closing costs.

Give Andrew Deitch a call at Prism Mortgage/RBC in West Palm. They are a nationwide lender and have diverse programs for good credit.

877 625-5577 ext. 106

He is my former boss and he is a blast to work with. Tell him “Chicken Boy from North Carolina” refered you to him and he will get a kick out of it. He may bad mouth me a little because I have neglected to call him lately.

Best of luck!