Are You Ready To Refinance Vacation Home?

A vacation home is a luxury that’s becoming less popular as home prices rise and inventory shrinks in desired areas. However, there are ways to make the dream of buying a second home a reality. More than two-thirds of vacation homes are purchased with a mortgage, according to the latest data from the National Association of REALTORS.

This depends on how long you plan to stay in the home and how much you are saving. For example, if refinancing saves you $150 each month on your mortgage payment and your refinance closing costs are $3,600, it will take around two years to recover the costs. If you plan to stay in your home another five years, it may make sense to refinance.

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Vacation property refinance ltv Limits. Lenders will limit LTVs, meaning you’ll need more equity in the home to refinance, especially if you’re getting cash out. Following is a chart of current LTV limits for second homes by the two major lending agencies in the U.S., Fannie Mae and Freddie Mac.

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The VA’s Exceptions to Occupancy Rules. Intermittent Occupancy: The VA allows for intermittent occupancy due to employment, as long as the borrower has a history of continuous residence in the community and there are no indications of a primary residence established elsewhere. However, use of the property as a seasonal vacation home will not satisfy the occupancy requirements.

Refinance Your Vacation Home, Investment Property, or Second Home. You probably won’t be surprised to learn that as mortgage lending guidelines have become stricter post housing crisis, it has also become more difficult to refinance a second home, vacation home, or investment property. Despite this, it is well worth looking into taking advantage.

HomeReady FAQs Listed below are common questions about the features, requirements, and benefits of the HomeReady mortgage, our low down payment mortgage product designed for creditworthy, low-income borrowers. For details on the homeready required homeownership education, refer to the Homeownership Education FAQs.

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