Tuesday, January 21, 2020

Can You Afford A Sunriver Vacation Home?

You have decided you would like to buy a Sunriver vacation home, now you need to decide if you can afford it.

Budgeting for a vacation home is a bit different than when you budget for your primary home. Mortgage lenders and the IRS will treat your purchase differently depending on if you classify it. Is it going to be a second home or an investment property?

What is the difference you ask, an investment property is rented out to generate additional income while a second home is for your own personal use. Taking out a mortgage for a second home may be easier than it is for a vacation property.

Deciding what to do can be a little over whelming and complicated, it might be time to consult your real estate lawyer, financial advisor or accountants.

If you are not planning on purchasing your vacation home with cash then you will need a good mortgage lender that can get you approved. Investment properties and second homes are not eligible for FHA, USDA or VA loans.

To qualify for a second home these are the typical guidelines:

-Debt-to-income ratio must be below 41%, this percentage is determined by dividing your monthly debt by your gross monthly income.

-Have a good credit score, the higher your score (620 or above) the more likely you will be to qualify for a conventional loan

- Cash reserves is something lenders may look at, they want to know how much money you might have tucked away in IRA’s, emergency funds, college funds, savings accounts, etc…

Second home mortgages usually received a better interest rate with lower down payment than investment properties. Residence that are less than 50 miles away are usually almost always considered an investment property because chances are you will not be vacationing that close to home.

To search for all homes for sale in Central Oregon including Sunriver, OR go to


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