Getting a Florida Loan or Mortgage for Your Florida Second or
Florida Vacation Home
Florida Second or Florida Vacation Home loans or mortgages are tougher than primary Florida home loans or Florida mortgages because the finances of a Florida second or Florida vacation home buyer are stretched thinner. The result is that a Florida second or Florida vacation home loan or mortgage rate is traditionally one quarter to one half point higher than that of a first home loan or mortgage.
That said, however, the current environment for a second or vacation home loan or mortgage is about as lenient as it has been in years. With home prices at all time lows now is the time to take advantage of that Florida lake or ocean front condo or home you have always wanted.
With interest rates at historically low levels many second or vacation home buyers are getting equity lines of credit on there primary residence to buy or put the down payment on there second or vacation homes and get a standard loan or mortgage for the remainder. With a minimum 10%-20% down payment your Florida second or Florida vacation home can become a reality.