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.
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Details
- Competitive fixed low rates
- In-house servicing
- Helpful loan advisors that will walk you through the process, step-by-step
- Free pre-approval for extra confidence when it comes to securing financing
- Quick decision-making and processing
- No cash back
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Items You May Need
Proof of income:
- W2 income, the most recent 30 days of paystubs with year-to-date earnings on stubs along with the prior 2 years W2’s
- Self-Employed income, the most recent 2 years of tax returns with all schedules and attachments
- Retirement income, social security form SSA-1099, award letter
- Pensions, 1099-P, award letter for pension
- Child support/alimony – divorce decree Disability – will be determined upon review of your application
Assets:
- Asset statements – the most recent 60 days of statements (assets include your down payment, closing costs and/or monthly reserves)
- If you listed your SWACU account for your assets, you do not need to send your SWACU statements
Proof of Homeowners insurance:
- Declarations page from the homeowner’s insurance policy (submit during the processing stage of your application)
*Other documentation may be required upon review of your application.
We’re committed to helping you achieve your homeownership goals. Contact us today 1 (800) 262-5325 to learn more and get started!
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Questions?
If you have any questions, please don’t hesitate to contact us at 1 (800) 262-5325.
