Buying A Second Primary Residence -

Lenders categorize homes based on your intent. This affects your interest rate: Must be lived in for part of the year.

Check local HOA rules on short-term rentals. buying a second primary residence

Buying a second primary residence—often called a "secondary" or "vacation" home—is a major financial move. While you can only have one legal primary residence for tax purposes, you can own a second home that functions as a personal residence rather than an investment property. Financial Prerequisites Lenders typically require 680–720+. Low DTI: Debt-to-income ratio should stay below 43%. Substantial Down Payment: Expect to pay 10%–20% upfront. Lenders categorize homes based on your intent

Only your main home qualifies for the $250k/$500k exclusion. Strategic Steps to Purchase Low DTI: Debt-to-income ratio should stay below 43%

Is it for retirement, weekends, or family?

📍 The IRS generally allows you to deduct mortgage interest on up to $750,000 of total debt across both homes.