Vacation home and Investment property (interest rate, requirements, payment, underwriter)
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I have an investment property in Pocono Lake. I declare all the income and expenses on the taxes every yr. Its a seasonal rental, weekend in the winter and weeks in the summer.
Due to low rates and housing prices in the Pocono area I found a great little place for a vacation home. I have expressed to the underwriter and mortgage guy that this is a vacation home plain and simple.
Well, the underwriter comes back and says "since I have an investment property in the area, if that place is booked I'll use the new house for over flow if I'm not using it" I was like WHAT??
The investment vs 2nd home effects everything, interest rate, amount of seller assist, down payment requirements.
So, I have til May 31st to close, do I try to shop around or am I stuck? Will any underwriter classify as an investment.
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