A second home, also known as a vacation home, is an additional dwelling that the borrower occupies alongside their primary residence. However, it is important to note that second homes are limited to 1-unit dwellings.
When considering a second home using a non-QM approach, certain criteria should be met:
– The location of the second home should be reasonably distant from the borrower’s primary residence.
– The borrower must spend some portion of the year occupying the second home.
– The second home should be suitable for year-round occupancy.
– The borrower should have exclusive control over the property.
– The second home should not be subject to any timeshare arrangements, rental pools, or other agreements that require the borrower to rent or relinquish control of the property to a management firm.
At MortgageDepot, we understand the non-QM mortgage market and the importance of finding the perfect second home that meets your financing needs and desires. Our non-QM team of experts are here to guide you through the process and help you secure the financing you need. Contact us today for more information about our Second Home non-QM mortgage programs.
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