Changing lifestyles affect decisions on where people live today, affected by work, family and personal interests, and in accordance with that trend, the Second Home Product is now available for all borrowers. Essentially, the purpose of the Second Home product is to allow borrowers to purchase a second home with as little as 5% down, that accomodates a family purpose. The purchase would be insured the same as a High Ratio first purchase, the only criteria in obtaining this financing being that it is not used as a rental property.
Refreshingly, it is a product that comes with little or no restrictions, treated similar to a first purchase and normal qualifications apply. Many people are choosing this product to help them purchase a summer or winter hideaway, electing to purchase a home in an area that allows them to holiday for parts of the year, allow family members use of it at other times.
Standard Underwriting Conditions apply, no changes to conditions in comparison to applying for a First Mortgage. The property is treated as an "owner occupied property", and will be noted so in the mortgage documents.
For a full rundown on this program, it benefits and premiums, call our Mortgage Specialist today for assistance in purchasing your dream holiday home.