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Financing a
Second Home

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A second home means the vacation
never has to end.

When you are ready to make your second home dream a reality,
we can get you there.

Your second home is waiting.

Where have you been dreaming to call home? Are you looking for an ocean front view, a place to ski, or something adjacent to the green? Whatever your dream, your second home is a special place, with special home finance considerations. Let’s get you there.

Second homes have unique financial and lending requirements.

Second homes will have special considerations for financial and lending requirements. We can help you determine the affordability of a vacation home, and guide you through the specific lending requirements that are needed for your second home.

With our large selection of loan options available, we can find the perfect financing for the other home you have been dreaming of. We can tell you the requirements necessary to make your vacation home a reality.

Things To Consider

Will you rent your second home
when not in use?

If you plan on renting out your vacation home when you aren’t staying in it, a lender may view it as an investment property rather than a second home. Lending requirements may be different for investments than vacation homes. We can show you the difference.

How far away is it from your
primary home?

Vacation and second homes have unique lending stipulations, like how far away your second home can be from your primary residence. With so many different loan options and requirements for a second home, we can help you decide what program is well suited for the specific property you are looking at.

Who else will live in the home?

Your second home may be occupied by family or friends, but to be a true second home you cannot collect any rents. We can help you distinguish between second home and investment home lending requirements in order to find the loan which matches your goals.

The Loan Process
1.

Get
Pre-Approved

This is the time to get in the know. A pre-approval will give you an advantage when you find your perfect home. We can tell you what you need to get pre-approved, so you know the exact loan amount you qualify for, what your monthly payment will look like, and how much taxes and insurance will be. With a pre-approval, the loan process will be smoother and your offer will be stronger.

2.

Loan
Application

Your application will provide a complete picture to loan investors of your assets, debts and what you are buying. It will take into account documents such as pay stubs, proof of income, tax returns, employment history, and information on all debts, assets, and sources for down payments. Don’t worry, we will request these documents as applicable for your loan application so that you can be fully prepared.

3.

Select Your
Loan Program

Fixed rate? Adjustable? FHA? There are multiple loan options that may fit your unique needs, and we can help you choose. Are you looking for the consistent rates and payments that a fixed rate loan can provide? Do you want the short-term benefits of lower rates that an adjustable rate loan can bring? Our extensive portfolio of loan options means you have more options available to get just what you need.

4.

Processing and
Underwriting

Your loan has specific investor guidelines that must be met, and an underwriter will review your documents to be sure that you meet them. While an underwriter reviews your file, an appraisal will be ordered on the home. Additional information may be requested, so don’t panic if you have to turn in more documents. That’s just the underwriter working hard to get your final approval.

5.

Loan
Approval

Before your loan is approved, you will receive pre-approval and a list of closing conditions that need to be met. These conditions can include verification that your employer is current and proof that homeowner’s insurance has been obtained. Once closing conditions have been satisfied, the underwriter issues a clear to close. Congratulations, your loan has been approved!

6.

Close
the Loan

With an approved loan, you are on the home-stretch towards closing. The lender will send closing documents to a title company that draws up paperwork and arranges for signing of documents. Once the documents have been signed and funding conditions have been met, the title is recorded and the process is complete. You are a proud owner of your new home, and the keys are yours!

What Can I Afford?

It doesn’t get easier than this.

Check out our user friendly Home Affordability Calculator to assess your debt-to-income ratio, down payment, loan amount, and mortgage payment all at once. It’s almost like your own personal loan expert at the click of the keyboard.

Use our Mortgage Payment Calculator to quickly and easily see current mortgage rates and determine your monthly payment.

Let us help you find the home loan to reach your financial goals.

FIXED
RATE

The peace of mind of a fixed rate and payment is the right choice for most borrowers.

*Please visit our Disclosures page for more details for all loan types
A conventional mortgage is a home loan that falls under the conforming loan limit of $453,100 (which is set annually by the Federal Housing Finance Agency)

conventional
mortgage

 A mortgage that is insured by the Federal Housing Administration (FHA). FHA loans allow for down payments as low as 3.5%* and lower credit scores than most conventional loans. There are maximum loan amounts that vary by county.

fha
mortgage

 Loans for premium real estate areas that exceed the conventional conforming loan limits (ranging between $453,100-$679,650 depending on area)

jumbo
loans

 If you are 62 or older, leverage the equity on your primary residence.

reverse
mortgage

 A loan to fund your small town dreams of rural home ownership, with lenient down, income and credit requirements.

usda
loans

 Loans for veterans, servicemembers or surviving spouses. With qualifying income and credit, you can buy a primary residence with no money down at a fantastic rate.

va
mortgage

ADJUSTABLE
RATE

When you have short term lending goals, an adjustable rate may be right for you.

*Please visit our Disclosures page for more details for all loan types
A conventional mortgage is a home loan that falls under the conforming loan limit of $453,100 (which is set annually by the Federal Housing Finance Agency)

conventional
mortgage

 A mortgage that is insured by the Federal Housing Administration (FHA). FHA loans allow for down payments as low as 3.5%* and lower credit scores than most conventional loans. There are maximum loan amounts that vary by county.

fha
mortgage

 An interest only mortgage is great if you are interested in the lowest possible monthly payment for an initial period of time.

interest
only

 Loans for premium real estate areas that exceed the conventional conforming loan limits (ranging between $453,100-$679,650 depending on area)

jumbo
loans

 If you are 62 or older, leverage the equity on your primary residence.

reverse
mortgage

 Loans for veterans, servicemembers or surviving spouses. With qualifying income and credit, you can buy a primary residence with no money down at a fantastic rate.

va
mortgage

American Pacific Mortgage Programs
Your offer backed by the purchasing power of a full loan approval. With our Keys on Time program, your offer may stand out in a competitive market. Keys on Time Guarantee Want peace of mind for rising interest rates? You can lock your rate while you shop for a home, sell your home, or while your home is under construction. Certain fees may apply. Lock and Buy Want peace of mind for rising interest rates? You can lock your rate while you shop for a home, sell your home, or while your home is under construction. Certain fees may apply. Lock and Build Our Bridge Loan programs can help you purchase a new home before your existing home is sold. Bridge Loan Programs If you are looking to buy a home that exceeds conforming loan limits, we have multiple Jumbo loan programs to choose from. Jumbo Programs Our Peak Loan program allows you to buy a home up to $1.5M with only 5% down. Peak If you are looking to finance a home that exceeds conforming loan limits, our High Balance Solutions program may be the ticket you need. High Balance Solutions If you are looking to finance a home that exceeds conforming high balance loan limits, you can split the loan amount between a first and second with our Jumbo Solutions program. Jumbo Solutions With our Expanded Access program, we have opened the doors to borrowers who need access to financing but don’t "fit" the standard agency or jumbo program guidelines. Expanded Access Investor Advantage gives you purchasing power in the market today for investment properties. Investor Advantage A mortgage program that lets qualified borrowers factor in their assets as sources of qualifying income. Asset Inclusion If you can dream it, you can make it a reality. Finance the purchase of your fixer upper with the cost of repairs included in your mortgage. Dream Home Renovation Home Ready is a conventional 3% down mortgage loan with even more flexible income qualification guidelines. Home Ready by Fannie Mae Purchase a home with low down payment and flexible sources of funds. Home Possible A mortgage program dedicated to saving our selfless teachers and first responders a little money on their home loans. STaR Loan Program Financing provided for the purchase and refinancing of manufactured homes. Manufatured Housing

*Tips for Success
  • It is extremely important that you don’t make any major life changes immediately before or during the loan process.
  • Don’t quit your job, change jobs, or become self employed.
  • Don’t make any large purchases like a vehicle or furniture.
  • Don’t co-sign on any loans for someone else.
  • Don’t spend money that you have set assigned for down payment or closing costs.
  • Don’t make any changes to your credit like opening new cards, spending on cards, or even closing accounts without guidance from a professional.
  • Don’t panic! The loan process can seem daunting, particularly if it is your first time. We will help you understand what is needed and to get you to the finish line.
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