Vacation Property

•  Generally these properties are either second homes or investment properties. These sometimes include condo or resorts that may fall under the non-conforming guidelines.
• These properties may fall under Jumbo financing.  Jumbo loans are loans that are over $359,650 (except AK and HI).
• These loans may be availble as a Pay Option Arm or interest only.  
• If these properties are investment properties, they may have a higher interest rate than a primary or second residence.  Investment property may also have points included in the closing fees.  I have found lenders that do not have points if the down payment is significant.