Learn More About Buying a Vacation Home in NC
Things to Know When Financing a Vacation Home
1. You will need a good credit score. Typically, lenders want to see a credit score of at least 660, usually higher. A few will consider scores as low as 620, but that’s not the norm and everything else about your loan application would need to be nearly perfect. For example, you would need a very low debt-to-income ratio and a stable job history. In addition, your lower credit score means you will pay a higher interest rate.
Jumbo Loans for Purchasing Your Dream Home at the Beach
There’s something about crossing over the bridge onto an island. The sun’s a little brighter, the air smells fresher, and there is a smile on everyone’s face. So come on, be truthful. How many times have you dreamed of owning a beach home and experiencing the beach life? Most have! And why wouldn’t you? That’s why so many are intrigued by the popular HGTV shows like Beachfront Bargain Hunt.