Buying a vacation property or second home is something special you do for yourself and your loved ones-a way to share the good things in life. Now, to help you enjoy that experience even sooner, Reliant Mortgage Company has Vacation Home Loans available for Seasonal Maine Properties!
• We will permit the financing of a “seasonal” property, not suitable for year round occupancy
• Second Home occupancy only
• The property must be located in an area where second homes are common, and are not commonly suitable for year round occupancy
• The appraiser must certify that the inability to use the subject property year round is not detrimental to marketability
• At least one sales comparable should be a seasonal property, not suitable for year round occupancy
• SFC “922” is required for loan delivery
• Found on page 13 of the Freddie Underwriting Guidelines dated 8-10-10
Same Freddie guidelines as traditional second homes but:
1. No heating system is required for the home.
2. No traditional well is required if there is an alternative water source that is common to similar homes….example is pipe to a lake.
3. No traditional septic system. Holding tanks or similar are acceptable if common.
4. Foundations which are piles or pillar and posts are acceptable.
5. The key is getting comps with similar features to prove that the property is not unique and is marketable.
6. Island properties are acceptable in very limited cases. They must have full time police, fire and medical services available.
Competition for this product is limited. Contact me today to be pre – approved for a Seasonal Second Home Mortgage.