How do you know if a property qualifies as a second home?
A second-home mortgage is for a property you don’t live in full-time but still use personally, like a vacation home. It’s different from the type of loan you’d get for your main home or an investment property.
Second-Home Mortgage Requirements
The property must be built as a one-unit home.
It must be occupied by the owner for a portion of the year.
It must be operated by the owner—not by a management firm that controls occupancy.
Second-Home Financing
- Minimum down payment of 25%
- Conventional fixed-rate loan
- Maximum term of 15 years
- Property must be at least 50 miles from your primary residence
If you have mortgage questions or need to submit documents for your application, our Mortgage Team will be happy to help. Text us at 972-616-7992 or call 1-800-262-5325, Monday–Friday, 8:30 a.m.–5:00 p.m. CST. We're also available via email at [email protected].
Insured by the NCUA. Equal Housing Lender. For more information, visit swacu.org. Membership required to participate.
Questions?
If you have any questions, please don’t hesitate to contact us at 1 (800) 262-5325.
