OK To Own Multiple 2nd Homes?
I was told by a real estate agent that a person can own multiple "2nd homes" as long as they are within a 50-miles radius from one another. Does anybody know if this is true?
I was told by a real estate agent that a person can own multiple "2nd homes" as long as they are within a 50-miles radius from one another. Does anybody know if this is true?
Greetings eileen925,
Any property you show as a 2nd home when applying for a loan has to make sense to the lender.
And I don’t know of any lender that would allow multiple 2nd homes - especially within a 50 radius.
Maybe someone else has a different point of view on this, but I doubt you could pull it off.
Hope this helps.
Are they second homes? Does your income qualify for more than 3 homes? If not I wouldnt push it. There are too many good programs for investors that allow you to get in at great rates. If the lender found out it was a rental and not a second home it could get ugly....
Good Luck
Brian