"The Easiest Way to Buy or
Sell a Home or Get a Home Loan in Klamath Falls" Information
provided by Town & Country Realty & United Mortgage Corporation of
America
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What's the difference between an investment property and a second home?
A second home is generally
considered a property that is not rented out more than two weeks per year
and which is located in an area which makes sense, given the borrower's
current principal residence. A second home would not be, for example, 20
minutes down the road from the borrower's primary home.
An investment property is any 1-4 unit residential dwelling which is neither
a principal residence nor a qualified second home. Whether or not the
property is earning money for the owner is not relevant in this
determination.
How much can I borrow for my second home?
Crestar's conventional conforming loan
programs allow you to borrow as much as 95% of the value of a second home. We
can finance investment properties to 95%, as well, at a slightly higher interest
rate. Our low documentation loans even allow for up to 80% loan-to-value
financing for vacation homes.
There are Construction-Permanent financing for vacation homes is available for
up to 90% loan-to-value ratios, offers 90% interest only lot loans, as well
What kinds of second homes vacation properties will you finance?
In addition to the standard types
of properties that most mortgage lenders will lend against, Most Lenders also
finance condominiums and condominium hotels. And, they can often lend on some
condominiums that other lenders may consider "unwarrantable" and
thus be unable to finance.
What can you do to help me with my second home or vacation property?
Lenders will typically allow you to
use projected rental income to help you qualify for the purchase of the
investment property
Most Lenders will still finance your investment property when you own multiple
investment properties - which can be an obstacle for your typical banks.
We offer higher loan-to-value loan programs that do not require
mortgage insurance - freeing up more of your cash to put toward a larger
property.
Also offer automated underwriting services that can have your loan
approved in hours.
We can offer you assistance with your property ownership and purchase
concerns - as well as with the financing. Our customers have been relying on
our local expertise to help them with their taxation, insurance, maintenance
and environmental questions for years.
