Buying a Vacation Home in Washington

Washington State has so many great areas for folks to vacation in.  From the deserts in eastern Washington, rugged mountains, the Pacific coastline or the San Juan Islands; I think our state pretty much has it all to offer. It’s no wonder I’m seeing more clients taking advantage of lower home prices and interest rates to buy a second home.

Here are some requirements lenders have for financing an vacation (or second) home:

• second home property is located a reasonable distance from the borrower’s primary residence. The rough guideline for “reasonable distance” is 50 miles or more.
• suitable for year-round occupancy
• borrower must occupy the property for some portion of the year
• borrower must have exclusive control over the property
• borrower must not enter into any rental agreements that require the property to be rented or give a management firm control over the property.

If your second home does not meet the above guidelines, it may be treated as an investment property, which has slightly higher mortgage rates and different guidelines.

If you’ve been dreaming of owning a vacation home in Chelan, Walla Walla, Mount Baker or Hood Canal, this could be a great opportunity!