How Many Second Homes Can A Buyer Have

Are you thinking of buying a “second home” in Arizona? But oops, you already have a “second home”? Maybe you are like many “snow-birds” in that you have a primary home in a northern cold location, but like to live part time in Arizona and maybe part-time in Florida, Hawaii, or some other location.

Can you have multiple “second homes” and be able to get a home mortgage loan on them?

Recently one of our preferred lenders took an application for a buyer/borrower who currently lived in Texas and want to buy a “second home” here in the Phoenix Valley. The issue was, the buyer/borrower already owns a “second home”  in New Mexico.

Can a lender do a second home loan for borrower if they already have a “second home”?

The lender had to double check the conventional loan guidelines, and it is clear: borrowers are allowed to finance multiple “second homes”. As long as there is a good common sense reason (example, “second homes” are in different states) then it is permissible. Of course, the loan underwriters want to make sure borrowers are not buying the house to turn it into a rental so they will probably ask for a good motivation letter.

Also the lender found out that a borrower can receive a “second home” loan with only a 10% down payment – (and of course a good credit score.)

If you are a buyer and this is a situation that applies to your personal needs — contact us to  put you in touch with a good lender who can review your situation and see if the multiple “second home” rules can apply to you.


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