FAQ SECOND HOME

Q&A for Repeat/Experienced Buyers:

I want to move up to a better home. What can I afford?

Every buyer is unique - and your Lender and Realtor will help you find out just what you can afford.

I'm buying a second home. Is it a different process?

No. Whether you need to be near the water or in the mountains, a vacation home offers an opportunity for fun and relaxation. You’ll need to identify sources for your down payment, since you're not selling your current house and using the proceeds, and you'll need to expect a larger monthly obligation for housing expenses.

What about my less-than-perfect credit report?
There are loan options available for those who have less than perfect credit.

What if I don't sell my current house?

You may qualify for a new loan. A bridge loan can help you move into you’re new home if you haven’t yet sold your original home.

What if I'm building a home?

If you are working with a builder within a sub-division or development and just making carpeting, lighting and appliance selections for a brand-new home, you can probably obtain a standard mortgage loan. But if you're hiring contractors, electricians, plumbers, and painters, you probably need a construction loan, which provides funds to pay subcontractors as work progresses.