Mortgage guidelines are positively prehistoric when compared to newer companies like AirBnB and VRBO, which have gained popularity as interest in short-term rentals has increased.
But when it comes to getting a home loan on a property that is not your primary residence, you have to state on your mortgage application whether you have a second (or vacation) home or you have a rental (aka investment) property, and there is no middle ground for a “vacation rental.” However, there can be real consequences if you get the classification wrong.
So, let’s rock the distinction between vacation home and investment property because if you work with your lender and you know the rules, you can, just like the Long Cool Woman in a Black Dress, have it all!
Temperature’s startin’ to rise,
SVP of Mortgage Lending
Marin Office: 324 Sir Francis Drake Blvd., San Anselmo, CA 94960
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