Second home loans in Maine, from the camp to the coast
I arrange second home loans across Maine for people who use the place themselves: a camp on Sebago or Moosehead, a cottage in Ogunquit or Kennebunkport, a house near Acadia, or a condo in Portland's Old Port. I started in 2004 and I'm still here.
Travis Penny, Senior Mortgage Broker, NMLS 1649161, Vision Mortgage, LLC NMLS 1286953. NMLS Consumer Access
Reviewed by Travis Penny, NMLS 1649161
Last reviewed October 20, 2026
What is a vacation home loan?
A vacation home loan, also called a second home loan, finances a place you use yourself, a Maine camp, a coastal cottage or a Florida winter home, separate from your primary residence. Under Fannie Mae's occupancy rules (B2-1.1-01), a second home can't be a rental property, and rent can't be used to qualify.
All loans are subject to credit and underwriting approval. Not all applicants will qualify. Program terms and availability can change. This page is for general education and is not a loan offer or a commitment to make a loan. Travis Penny, NMLS ID #1649161, is a Senior Mortgage Broker with Vision Mortgage, LLC, NMLS #1286953. Equal Housing Opportunity.
A place you use yourself
Second home financing is for personal use, not a rental strategy.
Maine and Florida
One broker, both states, whether it's a camp up north or a condo down south.
Occupancy rules matter
VA and FHA don't work for a vacation home. Conventional programs do.
What counts as a second home in Maine
A second home is a one unit property you occupy for part of the year, that is suitable for year round use, and that you keep under your control. It can't be a rental property and rent can't be used to qualify.
If the plan is to rent it out most of the summer, that is an investment property, and I will talk through investment options with you instead.
Down payment
A general program minimum for a one unit second home purchase is 10% down, which is 90% loan to value. Not everyone will qualify, and the building, credit and reserves all matter.
Maine property details that change the file
- Seasonal access. A camp reached by a seasonal road or with no year round heat may not meet the year round use standard. I ask about road maintenance, heat and water before we write an offer.
- Private wells and septic. Many lake and rural properties run on a private well and septic system, and the appraiser and lender may want water and septic information.
- Flood zones. Coastal York and Cumberland County addresses and some lakefront lots sit in FEMA flood zones, which means flood insurance is required on a federally backed loan.
- Condos. A Portland, Bar Harbor or Old Orchard Beach condo also needs a project review of the association.
- Short term rental rules. Some towns, including Portland and several coastal towns, regulate short term rentals. That matters less for a true second home, but I want you to know the rules before you buy.
Buying from out of state
Many of my second home clients live in Massachusetts, New York or Florida and buy a Maine place they use in summer. You don't need to live in Maine to buy a second home here. The property just has to be a reasonable distance from your primary home or otherwise clearly a personal getaway, and you have to use it yourself.
Florida, too
If you split time the other way and want a Florida winter place, I arrange Florida second home loans as well. Read my Florida pages for condo and insurance details.
Buying a second home in Florida while you live in another state
I arrange Florida second home loans for clients who live in Maine or another state and use the Florida place themselves. I review how you will use the home and compare programs for your property. Call or text 207-615-7770.
Financing a snowbird seasonal home in Florida
I can finance a Florida winter home you use yourself while you keep your primary home. I review occupancy, condo association requirements and insurance for the address before recommending a loan program. Call or text 207-615-7770.
Florida condos and insurance
Florida condos need association approval, a condo questionnaire and reserve review, and a real wind and flood insurance quote on the exact address before you count on the numbers holding up.
Florida second home loans
I'm Travis Penny, a mortgage broker with Vision Mortgage, NMLS 1649161, and I do second home loans anywhere in Florida for clients who live in Maine or anywhere else. How much do I need to put down? A general program minimum for a one unit second home is 10% down (90% LTV), and some programs set it higher.
A Florida second home is a winter home you use yourself, subject to the occupancy rules above. Condos need association approval. Get wind and flood insurance quotes on the exact address before you count on the numbers. 55 and older communities carry their own HOA rules, so check those early too. Closing from Maine is routine, I do it often.
Can I rent out my Florida second home? Under Fannie Mae's rules, a second home must not be rental property. If you plan to rent it out regularly, it's an investment property, and a short term rental loan is usually the better fit.
Next step
Send me the town and the type of property, and I will tell you what I need to see.
Frequently asked questions
Can I get a second home loan on a Maine lake camp that is only reachable in summer?
Maybe not on a standard second home program. The home generally has to be suitable for year round use, so a camp on an unplowed seasonal road or without year round heat can be a problem. Tell me the road situation and heat source first and I will check it against the guideline before you make an offer.
How much do I need down for a second home in Maine?
A general program minimum for a one unit second home purchase is 10% down, or 90% loan to value. Not everyone will qualify. Credit, reserves and the property itself all affect what you actually need.
Can I rent my Maine second home on Airbnb in the summer?
If you plan to rent it, it should be treated as an investment property, and rental income can't be used to qualify on a second home loan. Tell me how you plan to use it and I will point you to the right path.
Do I need flood insurance on a second home in Ogunquit, Wells or Old Orchard Beach?
If the house sits in a FEMA special flood hazard area and the loan is federally backed, flood insurance is required. Plenty of coastal York County addresses fall in those zones, so I check the flood map for the exact address early.
I live in Massachusetts. Can I buy a second home in southern Maine?
Yes. You don't need to be a Maine resident. The home just needs to work as a personal getaway you use yourself, and I will review the distance from your primary home and your planned use.
Is a condo in Portland's Old Port harder to finance as a second home?
It adds a step. The lender reviews the condo association, including its budget, reserves and insurance. I ask for the association documents early so there are no surprises close to closing.
Keep exploring
Not sure which loan fits?
Answer seven quick questions and I'll point you to the right program.
Want a real human to walk you through this?
I'll lay out your options in plain English. No pressure, no scripts.
Average of my loans from submission to clear to close. Not a guarantee; individual timelines vary. Clear to close means underwriting is done. Closing is scheduled after that.