Purchase A Vacation Rental Home for 10% Down
Have you ever dreamed of buying a second home in a vacation market that you can use for your family and rent it out when you’re not there as a vacation rental home? Did you know that you can purchase a second home/vacation home for as low as 10% down? Yes, that’s right. You can do this through a second home/vacation home loan.
Of course, there are certain requirements to be met on top of the usual good credit score, good finances, and debt-to-income ratio. There is also a requirement that the property is at minimum of 50 miles or more from your primary residence. In addition, you have to actually use the property for a minimum of 14 days every year.
So if you can meet these requirements, why not invest in a place you love to visit? And when you’re not there using it for yourself, you can actually put it up on Airbnb or VRBO and rent it out to other guests to help create income for you to offset your mortgage and potential profits in your pocket.