Buying a vacation home is very different from buying a primary residence. A homeowner who has bought a primary residence and is now thinking about buying a vacation property may be startled by the many differences between these two purchases. Knowing the differences can help a person decide whether or not buying a vacation home, that's waterfront real estate or otherwise, is right for them.
Vacation Home Mortgage Requirements
Lenders have different standards for people buying a vacation home versus people buying a primary residence. These stricter requirements can make buying a vacation home more difficult for the average person.
For example, a buyer is required to put down a much larger down payment on a vacation home than a private