How much down payment do I need on a vacation home?

How much down payment do you need to buy a vacation home or a second home?

I’m here at the base of Aspen Highlands doing my blog this week, so I thought it was a perfect opportunity to talk about buying a vacation home. So, how much down payment do I need on a vacation home?

Now, if you’re like me I’m not going to be buying a home in Aspen anytime soon. I don’t have millions and millions of dollars but you could actually buy a second home or a vacation home for as little as 10% down payment.

You heard me right 10% down payment to buy a vacation home and that goes for ski condos, it goes for single family homes in ski areas, it goes for beach properties or any other type of area, lake properties, lakefront properties, any other type of area where you could vacation.

Also a second home, can also be a property that you own for the purpose of commuting for work. If you have a job where you need to go somewhere for four or five days during the week away from your regular primary home you can actually buy a second home for that purpose as well.

So that’s the answer to the question how much down payment do I need to buy a vacation home.

If you have any other questions about vacation home financing or anything else home loan related just give me a call. I’m happy to answer your questions. My name is RJ Baxter with Fairway Independent Mortgage.