Can I buy a vacation home in Florida?
Answered by Onias Derilus, Mortgage Capital · NMLS# 1859012 · Florida licensed mortgage broker
Yes. Second-home financing typically requires 10% down and is available for vacation properties you'll use part of the year. The home must be a reasonable distance from your primary residence and not a full-time rental.
Florida is one of the top second-home markets in the country, so these loans are routine here. If you plan to rent it out regularly, a second-home loan won't fit and we'll use an investment or DSCR loan instead.
Second-home financing
Yes. Florida is a top vacation-home market, and you can finance one with a second-home loan. Expect a down payment around 10% or more and a credit score similar to a primary-home purchase.
The home must be for your personal use, not a full-time rental, to get second-home terms.
Weighing the options
If you plan to rent it out often, an investment loan or DSCR loan may fit better. We help you pick the right structure for how you will use it.
Dreaming of a Florida getaway? Apply now and we will find the loan that fits your plans.