Second & Vacation Homes
Second home and vacation home mortgages
Many of our New York clients buy a second place in Florida, the Poconos or down the Jersey Shore. A second-home loan usually prices better and needs less down than an investment property loan.
Key facts
- Available in
- New York, New Jersey, Florida, Pennsylvania
- Down payment
- Often from 10% on conventional second homes
- Property
- One-unit home you will occupy part of the year
- Renting it out
- Occasional rental is fine; a full-time rental is an investment property
- States
- Licensed in NY, NJ, FL and PA
Who it's for
- New Yorkers buying a winter home in Florida
- Families buying a Pocono or Jersey Shore getaway
- Retirees splitting the year between two states
- Buyers who will rent the home only occasionally
Lenders treat a second home differently from a rental. You must occupy it for part of the year, it should be a reasonable distance from your primary home, and it cannot be under a rental management arrangement that controls occupancy. If the plan is mainly rental income, a DSCR loan is often the better fit.
For Florida condos, the building matters as much as you do. Milestone inspections, reserve studies and insurance costs all affect whether and how a building can be financed, so we review the association early.
Questions
How much do I need down on a second home?
Conventional second-home loans often start at 10% down, depending on credit and loan size.
Can I rent out my second home?
Occasional rental is generally allowed. If it will be rented most of the year, it should be financed as an investment property.
Can I use my NYC income to buy in Florida?
Yes. Your income and credit qualify you wherever you live. We are licensed in Florida, so the same loan officer can handle it.
Questions about Second & Vacation Homes?
A licensed loan officer will walk you through the numbers, usually the same day.