A second house, often known as a trip house, is an extra dwelling that the borrower occupies alongside their major residence. Nevertheless, you will need to observe that second properties are restricted to 1-unit dwellings.
When contemplating a second house, there are particular standards that ought to be met:
– The situation of the second house ought to be moderately distant from the borrower’s major residence.
– The borrower should spend some portion of the 12 months occupying the second house.
– The second house ought to be appropriate for year-round occupancy.
– The borrower ought to have unique management over the property.
– The second house shouldn’t be topic to any timeshare preparations, rental swimming pools, or different agreements that require the borrower to hire or relinquish management of the property to a administration agency.
At MortgageDepot, we perceive the significance of discovering the right second house that meets your wants and wishes. Our group of consultants is right here to information you thru the method and allow you to safe the financing you want. Contact us at the moment for extra details about our Second Residence mortgage applications.
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