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?

Comments(2)

  • mcole22nd May, 2005

    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.

  • BMan24th May, 2005

    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

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