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June 15, 2022

Whether it’s a beach house in Florida, a lake home in Maine, or a mountain cabin in the Rockies, a second home has long been part of the American dream. The demand for second homes has only intensified in the last couple of years, as the pandemic and the rise of remote work have pushed affluent buyers to seek out a second home to get away from the hustle and bustle of major metro areas.

Home prices have soared in the post-pandemic housing boom, but California, Texas and Florida are still proving to be the hottest spots for second homes. Even so, opportunities exist everywhere in the U.S. – second home buyers are snapping up beachfront condos in Florida, golf retreats in Arizona, hunting lodges in Georgia, and ski pads in Utah.

Meanwhile, pricing for conforming loans on second homes is on the rise. This year, the Federal Housing Finance Agency (FHFA) imposed new loan-level price adjustments on mortgages issued by Fannie Mae and Freddie Mac. For mortgages on second homes, the upfront fees will range from 1.125% to 4.125%, depending on the loan-to-value ratio.

With increased cost and interest rates, non-QM second mortgages are appealing to the growing demographic of second-home borrowers. LendSure’s non-QM loan programs offer highly competitive pricing, along with expanded options not available anywhere else.

Some of the features of LendSure’s second-home program:

  • Unsurpassed funding times
  • All pre-qualifications are performed by experienced, in-house professionals, usually within 24 to 48 hours
  • Commonsense exceptions considered
  • 10/40 fixed rate interest-only loan terms available
  • Non-warrantable condos and condotels permitted
  • Loan amounts up to $2 million
  • 12- and 24-Month Bank Statement Program (personal or business bank statements permitted)
  • Utilizing multiple income types will be considered

Since rate-and-term refinances have mostly disappeared, adding LendSure’s second home mortgages to your offerings is a great way to access the wealthier buyers fueling today’s home purchase market.

Contact your LendSure Account Executive to discuss your loan deal today.



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