Can I get a conventional loan for secondary homes?
Yes. You can finance your second home purchase with a conforming conventional loan or a jumbo (non-conforming) conventional loan.
Most lenders define a second home as a property that:
- is a single-family home, also known as a one-unit dwelling
- you live in for at least 14 days of the year
- can be lived in at any time of year—even if you only visit during specific seasons
- is not going to be rented out or used as a timeshare
- you have exclusive control over
Second homes are often located in vacation or resort areas. But occasionally, they may be in major cities that the homeowner visits regularly. Lenders may be concerned that a homebuyer's second home in a major city is, in fact, an investment property. So if you want a second home outside of a vacation or resort area, you may need to provide a letter of explanation with your mortgage application.