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Vacation Property Financing

stlsme
New Contributor

Vacation Property Financing

My wife and I are looking to purchase a vacation home. The property we are interested in is considered a Condotel in Florida. Everything we can find requires a 20% down payment. I would prefer not to put 150k down (mainly because we would have to wait another year). Any advice is appreciated. 

EX: 844 EQ: 848 TU: 839
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simplynoir
Community Leader
Super Contributor

Re: Vacation Property Financing

Because it is going to be a second home you're going to find it very hard to find any places that won't at least need a large down payment, even more so in the current housing market. This is especially true if you and your spouse are still paying off the primary residence. Probably the only other option I can think of is using the first home and getting a home equity loan to fund the down payment if waiting another year is not an option

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VALoanMaster
Valued Contributor

Re: Vacation Property Financing


@stlsme wrote:

My wife and I are looking to purchase a vacation home. The property we are interested in is considered a Condotel in Florida. Everything we can find requires a 20% down payment. I would prefer not to put 150k down (mainly because we would have to wait another year). Any advice is appreciated. 


Your best bet is to find a regular condo or house if you want to put less money down.

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