SunTrust Mortgage, Inc.


	SunTrust Library

	Glossary

	News

	FAQs


	Today's Rates

	Rate Watch

	Calculators

	Loan Officer Finder


	Fixed Rate

	Adjustable Rate

	Affordable Housing

	Jumbo

	Mortgages for Special Needs

	FHA / VA

	Payment Options


	Purchase

	Refinance

	Custom Quote


	SunTrust Mortgage in Brief

	Awards and Achievements

	Press Room

	Customer Service

	Compass Award

	State Licensing

	Privacy

	Security

	Business Partners

	STM Careers

	Loan Officer Finder

	Our Vision

	Fair Lending


FAQs
	General Questions
	First-Time Homebuyer
	Refinancing
	Experienced Homebuyer
	Home Building
	Second Home
	Relocation
	ARMs
	Escrow Accounts
	Property Insurance
	Mortgage Insurance
	Property Taxes
	Year-End Statement
	REO Properties
	e-Bill
	e-Pay
	SurePay
Site Index
Search
Contact Us

Can I Really Afford A Second Home?

What's the difference between an investment property and a second home?
- A second home is generally considered a property that is not rented out more than two weeks per year and which is located in an area which makes sense, given the borrower's current principal residence. A second home would not be, for example, 20 minutes down the road from the borrower's primary home.
  
  An investment property is any 1-4 unit residential dwelling which is neither a principal residence nor a qualified second home. Whether or not the property is earning money for the owner is not relevant in this determination.
How much can I borrow for my second home?
- SunTrust's conventional conforming loan programs allow you to borrow as much as 95% of the value of a second home.
  
  We can finance investment properties to 95%, as well, at a slightly higher interest rate.
  
  Our low documentation loans even allow for up to 80% loan-to-value financing for vacation homes.
  
  SunTrust's Construction-Permanent financing for vacation homes is available for up to 90% loan-to-value ratios.
  
  SunTrust offers 90% interest only lot loans, as well.
What kinds of second homes/vacation properties will SunTrust finance?
- In addition to the standard types of properties that most mortgage lenders will lend against, SunTrust also finances condominiums.
What can SunTrust do to help me with my second home or vacation property?
- SunTrust will typically allow you to use projected rental income to help you qualify for the purchase of the investment property.
  
  SunTrust will still finance your investment property when you own multiple investment properties - which can be an obstacle for other lenders.
  
  SunTrust offers higher loan-to-value loan programs that do not require mortgage insurance - freeing up more of your cash to put toward a larger property.
  
  SunTrust offers automated underwriting services that can have your loan approved in minutes.
  
  SunTrust can offer you assistance with your property ownership and purchase concerns - as well as with the financing. Our customers have been relying on our local expertise to help them with their taxation, insurance, maintenance and environmental questions for years.
Can I get cash out of my vacation home equity?
- Yes - up to 80 or 90%!
What closing costs can I expect?
- Click here for a checklist of closing costs .
What information do I need to have available for a loan application?
- Click here for an application checklist .

For further information, please contact our Customer Service
Department at 1-800-634-7928 or send us an e-mail.

Equal Housing Lender | Licensing | Privacy | Security | Mortgage Home

srvc