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Understanding Second Home Mortgage
Second home and investment property mortgages serve different purposes and have different requirements. Vacation homes typically require 10% down with rates slightly above primary residence levels. Investment properties require 15-25% down with higher rates. DSCR loans offer an alternative for investors that qualifies based on rental income rather than personal income.
10% down for vacation homes, 15-25% for investment
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Success Stories
“NMHL made our first home purchase incredibly smooth. The team guided us through every step and found us a rate we couldn't believe.”
“After being denied by two other lenders, NMHL found a solution for my self-employed income. Bank statement loan closed in 25 days.”
“The VA loan process was seamless. Zero down payment and the best rate I found anywhere. Thank you NMHL!”
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Frequently Asked Questions
For second home loans, rental income from the subject property is generally not used for qualification. For investment property loans, 75% of projected rental income can typically be used. DSCR loans qualify entirely based on the property's rental income, making them ideal for income-producing properties.
Yes, but only slightly. Second home rates are typically 0.25-0.50% higher than primary residence rates. Investment property rates are 0.50-0.75% higher. These differences reflect the slightly higher risk associated with non-primary residence properties.
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