Second Home Requirement For Mortgage
I have a couple questions about second home:
1) How many second/vacation homes mortgage a person can have? I know for tax purpose, you can only claim 1 second home per year.
2) What are the requirements. I think the second home must be 50 miles from primary homes? What else? Thanks.
Typically you can buy as many as you want as long as your DTI ratios are still below 30% or so. I'm sure a mortgage broker on here can expand and correct me if I'm wrong.
The question is vague can you give us additional supporting detail.
Quote:
On 2003-11-21 15:38, ew86 wrote:
I have a couple questions about second home:
What are the requirements. I think the second home must be 50 miles from primary homes? What else? Thanks.
50 miles is a rough guideline. The location must make sense as a second home.
Your income must qualify without rental income. You can rent it out part time but this income does not count when computing DTI.
classimg,
myfrogger and lacashman primarily have answered my questions.
I was thinking to have buy properties in different cities for rental. I may or may not stay at each property each year. I was not sure if a single/married couple can have more than 1 second/vacation homes. I was not sure if I have to stay at each property for x day every year. Apparently, the main factor here is DTI ratio.