Vacation Home Loans in Maine and Florida

A general program minimum for a one unit second home purchase is 10% down (90% LTV), under Fannie Mae's Eligibility Matrix dated August 5, 2026. That's a general minimum, and some programs set it higher, so ask me about your file.

Fannie Mae's occupancy rule (B2-1.1-01) requires the borrower to occupy the property for some portion of the year and keep it available for personal use, not managed by a rental agency in a way that gives someone else control of occupancy.

VA loans require you to live in the home, per the VA purchase loan page, so a vacation home doesn't qualify. FHA's HUD 4000.1 glossary is explicit that a secondary residence does not include a vacation home. See the Maine VA page, Florida VA page and Maine FHA page for owner occupied options.

Limits exist and depend on the program and how many properties you already finance. There isn't one number that applies to everyone. Talk to me about your specific situation and I'll tell you where you stand.

A camp has to be suitable for year round use to finance it as a second home. Check that early: heat source, foundation, year round road access and water and septic all get looked at. Coastal Maine cottages get the same review, plus a flood and wind conversation depending on the location.

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.

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 DSCR loan or a standard DSCR loan is usually the better fit.

Steps: tell me how you'll use the property, confirm occupancy fits a second home, get a real insurance quote, pre qualify, appraisal, underwriting, closing.

Closing cost categories to plan for: lender fees, appraisal, title work, prepaid taxes and insurance, and any association transfer or capital contribution fee. No dollar figures here, ask me for your specific numbers.

I don't recommend by name. I compare programs by feature: how occupancy is verified, condo approval requirements, insurance conditions and how the down payment is calculated, then tell you which one fits your property.

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.