May 18, 2013

Second Home Mortgage Loans

Condos in Chicago IL

Have you always dreamed of buying a lake home or a cottage along a river? Or perhaps you want a condo along Chicago’s lake front to enjoy all the city has to offer. Fannie Mae and Freddie Mac have made second home mortgage lending almost as easy as obtaining a mortgage loan on a primary residence.

According to Jeff Dulla, Vice President of Mortgage Lending at United Home Loans, “Conventional financing only requires a 10% down payment to obtain a mortgage loan for a second home property.” Interest rates are generally higher for a second home mortgage but they can and do change daily. To get the lowest interest rate possible on your second home mortgage, you’ll want to get pre-approved by a mortgage banker who will stay in close contact with you as rates ebb and flow.

The basics of mortgage lending still apply, with the exception of your credit score which will need to be above average (700 or higher in many cases). The basics you will need are sufficient liquid assets for the down payment, closing costs and at least two months of mortgage payments in reserve, and of course, stable income that can support your new mortgage payment in addition to your primary residence and other debts. If you can meet these requirements, this may be a great time to purchase a second home!

United Home Loans is licensed to provide second home mortgage loans in Illinois, Indiana, Michigan, Minnesota, Wisconsin, and more. Contact us below or at 708-531-8388 with any questions.


Contact Us