Whether it's a beach home in Hilton Head or a simple log cabin in the Minnesota backwoods, a vacation house can be the source of decades of good memories. Who would never wish for a vacation house? We all do wish for one! But unfortunately, its not that easy – there are so much to take on and so much to consider.
It’s still not easy getting a loan to buy a new vacation home. Tougher underwriting requirements and other obstacles related to a property’s location have created borrowing challenges for even wealthy home buyers
“In general, guidelines are tighter than they were a few years ago,” says Bob Walters, chief economist at Quicken Loans, an online home lender.
Some lenders say they’re concerned about underwriting mortgages in areas where prices could fall further. In other cases, lenders won’t approve mortgages if they receive a shaky appraisal report—for instance, one that includes sale prices from other towns when there’s a lack of comparable transactions in the neighborhood the applicant is buying into.
Get the points to consider in getting your dream vacation home... go and read the link below :