Buying A Second Primary Residence -

Is it for retirement, weekends, or family?

Prove you can cover both mortgages for 6 months. Mortgage Classifications buying a second primary residence

Usually deductible up to a $10,000 total limit (SALT). Is it for retirement, weekends, or family

Second homes often require higher "hazard" or flood coverage. Is it for retirement

Hire a local property manager or landscaping service.

Buying a second primary residence—often called a "secondary" or "vacation" home—is a major financial move. While you can only have one legal primary residence for tax purposes, you can own a second home that functions as a personal residence rather than an investment property. Financial Prerequisites Lenders typically require 680–720+. Low DTI: Debt-to-income ratio should stay below 43%. Substantial Down Payment: Expect to pay 10%–20% upfront.