PITTSFIELD, Mass. -- Are you thinking of buying a second home and renting out the first? It’s important to conduct some research first as the lenders tend to have different qualifications for those who are seeking financing for a residence in which you plan to live compared to one you plan to rent. One of the primary differences is lenders usually require a higher credit score for an investment property.

The Key to Buying a Second Home

When you are ready to buy a second home it’s important to take some time to research the market before you make a decision There are some things that may differ when buying a second home, especially if you are buying that home as an investment. Some factors in your financial and credit history may cause the lender to evaluate your application in a different manner.

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Real-Estate-Yogi.com provides some key factors that second-time home buyers may find helpful such as:

Investment properties are more difficult to acquire than properties in which the buyer plans to live
Down payments for second homes are often limited to the equity in the first home unless the property is for investment purposes or a vacation home
Buyers of investment property typically must be able to qualify for the mortgage without the need for rental income
A higher credit score is usually required for investment property


If you are considering the purchase of a second home you may wish to speak to one of the Real-Estate-Yogi experts. The best way to accomplish this is to fill out the online contact information form on the website. Someone will be in touch with you immediately.

Buying a Second Home Minus Down Payment

Many people who buy a second home do not have to worry about a down payment. This isn’t because the lender is making allowances or the sales price of the property is lower than the appraised value. When buyers are able to buy a second home without any money up front it is because they have equity in their primary residence and are seeking a replacement home. You need to know how to buy your second home before you begin looking. There are items specific to the purchase of a replacement home, and buyers need to know this. For instance, do you need a down payment on a second home purchase? As stated previously, this usually comes from the sale of the current residence, but if there is insufficient equity the buyer may still need to put down some cash.

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Whether you plan to buy a second home as a replacement or for investment purposes you will need to learn how to buy your second home. It’s also important to know the lender’s policies regarding the down payment on a second home purchase. If you are buying a second home and renting out the first a complete different set of policies is involved.

Buying a second home can be confusing for some people, especially the homeowner who is just now moving from his first home to his second home or his first investment purchase. www.real-estate-yogi.com has plenty of information on home purchases for those who plan to live in the home and those who are seeking an investment. In addition there is an enormous free database accessible by all website visitors that includes over 240,000 legal representatives and financial consultants in various cities across the country. If you would like to set up a free consultation all you need to do is call 1-800-987-1397.