We have an opportunity to purchase a vacation condo.
I know this probably not specific enough, but I am running out of time. Have to leave for work.
Basically, my question is, what do you think my degree of difficulty will be to aquire financing for the condo. I am going to try the lender financing approach 1st, but appreciate any other ideas.
Sorry, I know its not a lot of info, but I will continue this weekend.
I will appreciate any initial guidance and/or advice.
Thanks and God Bless the USA
Chuck
Financing for a vacation condo that is not able to be used other than for vacation purposes could be a real problem. A normal condo where it just happens that some people on vacation will like to use it is another story.
Your credit, income and other things are pretty important.
How many of the condos are owner occupied vs. how many are rented or used as an rental investment property is also a factor. Some lenders have specific limits for how many units can be rented.
Assume for a minute that you could find financing. Does the property stack up as a vacation rental?