A second dwelling, also referred to as a trip dwelling, is a further dwelling that the borrower occupies alongside their main residence. Nevertheless, you will need to word that second properties are restricted to 1-unit dwellings.
When contemplating a second dwelling, there are specific standards that ought to be met:
– The situation of the second dwelling ought to be fairly distant from the borrower’s main residence.
– The borrower should spend some portion of the 12 months occupying the second dwelling.
– The second dwelling ought to be appropriate for year-round occupancy.
– The borrower ought to have unique management over the property.
– The second dwelling shouldn’t be topic to any timeshare preparations, rental swimming pools, or different agreements that require the borrower to lease or relinquish management of the property to a administration agency.
At MortgageDepot, we perceive the significance of discovering the right second dwelling that meets your wants and needs. Our staff of consultants is right here to information you thru the method and assist you to safe the financing you want. Contact us as we speak for extra details about our Second Dwelling mortgage programs.
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