Financing a
Second Home
A second home means the vacation never has to end.
When you are ready to make your second home dream a reality, we can get you there.
Your second home is waiting.
Where have you been dreaming to call home? Are you looking for an ocean front view, a place to ski, or something adjacent to the green? Whatever your dream, your second home is a special place, with special home finance considerations. Let’s get you there.
Second homes have unique financial and lending requirements.
Second homes will have special considerations for financial and lending requirements. We can help you determine the affordability of a vacation home, and guide you through the specific lending requirements that are needed for your second home.
With our large selection of loan options available, we can find the financing for that other home you have been dreaming of. We can tell you the requirements necessary to make your vacation home a reality.
Things To Consider
Will you rent your second home
when not in use?
If you plan on renting out your vacation home when you aren’t staying in it, a lender may view it as an investment property rather than a second home. Lending requirements may be different for investments than vacation homes. We can show you the difference.
How far away is it from your
primary home?
Vacation and second homes have unique lending stipulations, like how far away your second home can be from your primary residence. With so many different loan options and requirements for a second home, we can help you decide what program is well suited for the specific property you are looking at.
Who else will live in the home?
Your second home may be occupied by family or friends, but to be a true second home you cannot collect any rents. We can help you distinguish between second home and investment home lending requirements in order to find the loan which matches your goals.
*Not available in Oregon. The “Keys on Time” program is a limited guarantee that APMC will provide a credit to the borrower of $895 after the close of escrow if, due to some fault on the part of APMC, its originators or other APMC staff, a purchase transaction does not close until a date after the originally stated close of escrow date. The “Keys on Time” limited guarantee does not apply if the purchase transaction fails to close on or before the anticipated close of escrow date due to events/circumstances beyond APMC’s control, including but not limited to, delays caused by: an unacceptable or unexpectedly low appraisal value on the subject property, acts or omissions by the escrow or title company, second lien holder approvals, short sale approval, or loan conditions imposed by the lender that, despite reasonable diligence by APMC, are not met by any party in a timely manner. The “Keys on Time” limited guarantee trigger begins when the initial loan package is received by APMC’s Fulfillment center. The complete loan package must be received in the APMC Fulfillment center a minimum of 20 days prior to the COE date. Exclusions: The limited guarantee does not apply to the HARP program, reverse mortgages, FHA 203k, non-delegated jumbo products or any loans that require prior approval from an investor. The limited guarantee applies to purchase transactions only. All programs are subject to borrower and property qualifications. Rates, terms, and conditions are subject to change without notice.
** To qualify for the SecureLock program, APM must give full credit approval to all borrowers on the loan. There are specific terms for each lock, based on which variation of the SecureLock program is used. Eligible states include: Alaska, California, Colorado, Hawaii, Idaho, Kansas, Oregon, Texas, and Washington. Contact us today for full details.
Let us help you find the home loan to reach your financial goals.
CONVENTIONAL MORTGAGE
A conventional mortgage is a home loan that falls under the conforming loan limit of $453,100 (which is set annually by the Federal Housing Finance Agency)
FHA MORTGAGE
A mortgage that is insured by the Federal Housing Administration (FHA). FHA loans allow for down payments as low as 3.5%* and lower credit scores than most conventional loans. There are maximum loan amounts that vary by county.
JUMBO LOANS
Loans for premium real estate areas that exceed the conventional conforming loan limits (ranging between $453,100-$679,650 depending on area)
REVERSE MORTGAGE
If you are 62 or older, leverage the equity on your primary residence.
USDA LOANS
A loan to fund your small town dreams of rural home ownership, with lenient down, income and credit requirements.
VA MORTGAGE
Loans for veterans, servicemembers or surviving spouses. With qualifying income and credit, you can buy a primary residence with no money down at a fantastic rate.
American Pacific Mortgage Programs
The Loan Process
1. |
Get Pre-Approved |
This is the time to get in the know. A pre-approval will give you an advantage when you find your perfect home. We can tell you what you need to get pre-approved, so you know the exact loan amount you qualify for, what your monthly payment will look like, and how much taxes and insurance will be. With a pre-approval, the loan process will be smoother and your offer will be stronger.
2. |
Select Your Loan Program |
Fixed rate? Adjustable? FHA? There are multiple loan options that may fit your unique needs, and we can help you choose. Are you looking for the consistent rates and payments that a fixed rate loan can provide? Do you want the short-term benefits of lower rates that an adjustable rate loan can bring? Our extensive portfolio of loan options means you have more options available to get just what you need.
3. |
Loan Application |
Your application will provide a complete picture to loan investors of your assets, debts and what you are buying. You will need to provide documentation, including a photo I.D., pay stubs, proof of income, tax returns, employment history, and information on all debts, assets, and sources for down payments. Don't worry, we will let you know exactly what is needed for the loan application so you can be fully prepared.
4. |
Processing and Underwriting |
Your loan has specific investor guidelines that must be met, and an underwriter will review your documents to be sure that you meet them. While an underwriter reviews your file, an appraisal will be ordered on the home. Additional information may be requested, so don’t panic if you have to turn in more documents. That’s just the underwriter working hard to get your final approval.
6. |
Close the Loan |
With an approved loan, you are on the home-stretch towards closing. The lender will send closing documents to a title company that draws up paperwork and arranges for signing of documents. Once the documents have been signed and funding conditions have been met, the title is recorded and the process is complete. You are a proud owner of your new home, and the keys are yours!
APM NMLS Consumer Access Link: https://nmlsconsumeraccess.org/EntityDetails.aspx/COMPANY/1850
Copyright © 2022 American Pacific Mortgage Corporation | Privacy Policy | Contact Us | Legal/Licensing | Accessibility Statement
All information contained herein is for informational purposes only and, while every effort has been made to ensure accuracy, no guarantee is expressed or implied. Any programs shown do not demonstrate all options or pricing structures. Rates, terms, programs and underwriting policies subject to change without notice. This is not an offer to extend credit or a commitment to lend. All loans subject to underwriting approval. Some products may not be available in all states and restrictions apply. Equal Housing Opportunity.
808 134th St SW, Suite B205, Everett WA, 98204 | NMLS: 1062505
Equal Housing Opportunity