It's no secret that Arizona is THE destination for vacation, golf and second homes. And financing is readily available for those vacation homes or for investment properties. In all sizes and values, even for million + dollar homes.
Of course, the loans rules may be a tad different, as well as the rates, than the purchase of a primary residence, but nothing that can stop you. Basically, you can generally get a vacation, investment or second home mortgage loan just like your primary residence loan. And this also means a down payment, as low as 10%. But with 20%, rates get even better.
So what's a vacation or second home? Homes that a homeowner does not live in year around, but also does not rent out. These homes generally have to be in a different metropolitan area then where the homeowner lives primarily. For instance, if you own a primary residence in New York, you may call a home in Phoenix Scottsdale a second home.
An investment property is a tad different because you will be renting it out. Down payment can be as low as 15%, but 20% is generally better to avoid mortgage insurance.
This is just the basic approach to finance your purchase of second, vacation, golf homes as well as investment properties ion Arizona. In the current marketplace, these mortgage products are making a comeback in a smart and sensible way and can be a good option for any homeowner who is looking to purchase an additional home for vacation, or to add in the investment portfolio.
So when you are ready, feel free to contact me so we can get you the best possible scenario so I may connect you to one of my preferred mortgage lenders.
Richard Bazinet - Realty ONE Group - Phoenix Scottsdale Real Estate
Financing Arizona Vacation, Golf & Second Homes