What's the difference between an investment property and a second home?

A second home is generally considered a property that is not rented out more than two weeks per year and which is located in an area which makes sense, given the borrower's current principal residence. A second home would not be, for example, 20 minutes down the road from the borrower's primary home.

An investment property is any 1-4 unit residential dwelling which is neither a principal residence nor a qualified second home. Whether or not the property is earning money for the owner is not relevant in this determination.

How much can I borrow for my second home?

Crestar's conventional conforming loan programs allow you to borrow as much as 95% of the value of a second home. We can finance investment properties to 95%, as well, at a slightly higher interest rate. Our low documentation loans even allow for up to 80% loan-to-value financing for vacation homes.
There are Construction-Permanent financing for vacation homes is available for up to 90% loan-to-value ratios, offers 90% interest only lot loans, as well

What kinds of second homes vacation properties will you finance?

• In addition to the standard types of properties that most mortgage lenders will lend against, Most Lenders also finance condominiums and condominium hotels. And, they can often lend on some condominiums that other lenders may consider "unwarrantable" and thus be unable to finance.

• Lenders will typically allow you to use projected rental income to help you qualify for the purchase of the investment property
  
  Most Lenders will still finance your investment property when you own multiple investment properties - which can be an obstacle for your typical banks.
  
  We  offer higher loan-to-value loan programs that do not require mortgage insurance - freeing up more of your cash to put toward a larger property.
  
  Also offer automated underwriting services that can have your loan approved in hours.
  
  We can offer you assistance with your property ownership and purchase concerns - as well as with the financing. Our customers have been relying on our local expertise to help them with their taxation, insurance, maintenance and environmental questions for years.

• Yes - up to 80 or 90%!