Second Home Loans

Second Home LoansFlagstone Financial can provide you with financing for your Second Home or Vacation Home whether it is a conforming mortgage, jumbo loan, or super jumbo loan. We have mortgages for both single-family residences and condos that are considered a second home.

Generally a second home usually needs to be at least fifty miles from your current primary residence although there are exceptions to this underwriting guideline. For example, if you lived in Austin and wanted to buy a home on Lake Austin or Lake Travis the fifty mile requirement would be waived because the second home is in a vacation area. Same goes if you lived in Houston, but wanted to purchase a beach-house in Galveston.

Typically you will have a higher down-payment when purchasing a second home. Conforming mortgages will require at least ten percent down-payment while jumbo and super-jumbo loans will require a minimum of twenty-percent down-payment.

In addition, you will need good credit scores and at least six months of liquid assets in reserves for the principal/interest/taxes/insurance for both your primary home and second home.

Call us today and we can provide additional information to help assist you with getting the vacation home of your dreams.

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