Lenders will allow you to own a 2nd property insured with less than 20% downpayment if the property is used as a vacation home. You can now purchase a vacation home for as little as 5% downpayment up to a purchase price of $500K. And an additional 10% downpayment on the portion of the home that is above $500K.
- All properties must be in marketable areas and have year round access and roadways to get to the home.
- Properties that do not have year round access or not winterized require a minimum of 10% downpayment
Lenders and insurers will allow you to own a secondary home that is owner occupied home for yourself or for an immediate family member for as little as 5% downpayment for all purchases up to $500K, And an additional 10% downpayment on the portion of the home that is above $500K.
- These properties would include new construction & resale homes
- Properties that are serviced in marketable residential areas
- Condos and freehold properties are all acceptable
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