Asheville Homes and LAND!- The Keep In Touch Blog

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How Lenders See Not One But Your Two Homes

 

Here in the Asheville area, you can travel for an hour or so and find places for a family getaway that are not only beautiful, but pristine. Now you don’t have to travel far to experience this beauty. But if you are thinking about acquiring a second home, you may want to consider a certain perspective: The Bank’s. And how lenders see not just one, but your two homes is not necessarily the way you see them.

Asheville residents, ( primary residence is in Asheville) have asked about the word on the street; that it is required that a second home be at least 50 miles away. Of course, that depends on your objectives and your desires.  But if you are a lender, you will be looking at definitions. And underwriters will want to know if that vacation home qualifies under those definitions.

“Owner Occupied” to an underwriter means 1) that you live there the majority of the time, 2) that it is the likely place you and your family would choose in terms of schools and work .Benefit for you: “Owner Occupied” properties generally receive better interest rates.

“Second Homes” look different to the bank. “Second Home” to an underwriter means 1) it is at least 50 miles away from your main residence, 2) that you will indeed occupy the property for some portion of the year,  and 3) that it really is habitable during every season.. Obstacle for you: Qualifying for a second home. Look at it from the underwriter’s perspective. You will have two mortgage payments on two properties and that means it may not be a sure thing for the bank.

 

 

 

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Comments

janeAnne.....  You nailed it - Underwriters scrutinize the files with a giant magnifying glass.  BUT they can be done :)

Posted by Julia Case, Mortgage Professionals of NC about 9 years ago

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