FORT MYERS MORTGAGE BROKER
Second Home Mortgages in Florida
Southwest Florida draws seasonal residents and families who want a place on the Gulf for part of the year. A second home mortgage is its own loan category with its own occupancy rules, and Ryan Meyer helps you use it the right way.
- Financing for vacation and seasonal homes
- Conventional and jumbo options
Talk With Ryan
Let’s talk about the home you’re considering.
What Counts as a Second Home?
Under Fannie Mae’s guidelines, a second home must:
- Be occupied by you for some portion of the year
- Be a one-unit home suitable for year-round living
- Stay under your exclusive control
- Not be a rental property, a timeshare, or subject to an agreement that gives a management company control over occupancy
Source: Fannie Mae Selling Guide, Occupancy Types (B2-1.1-01). Freddie Mac uses similar rules, and jumbo lenders set their own.
Second Home vs. Investment Property
The difference comes down to how you’ll use the home. If you plan to use it yourself part of the year and keep control of who stays there, it may qualify as a second home. If the main purpose is rental income, it’s an investment property and is financed differently. See Investment Property Loans and DSCR Loans.
Getting the occupancy type right matters. It affects your down payment, pricing and eligibility, and it needs to match how you actually use the property.
Loan Options for a Second Home
- Conventional mortgages for homes within conforming loan limits
- Jumbo mortgages for higher-priced homes, including many waterfront properties
- Condo mortgages when the home is in a condo building, including non-warrantable condo options
Government-backed loans like FHA and VA are generally designed for primary residences, so most second homes are financed conventionally.
Florida Costs to Plan For
- Flood insurance, which lenders typically require for homes in designated flood zones
- Windstorm coverage and overall insurance cost, which affect your monthly payment
- Condo association fees, rules and finances, if you buy in a condo building
- Property taxes, since a second home is not your homestead
How Ryan Can Help
Ryan Meyer is a Fort Myers mortgage broker who helps buyers finance seasonal and vacation homes across Southwest Florida.
He will help you confirm the right occupancy type, compare conventional and jumbo options, and plan for insurance costs before you make an offer.
Frequently Asked Questions
Frequently Asked Questions
A one-unit home you occupy for part of the year, keep under your exclusive control, and do not operate as a rental property or timeshare.
Second home loans aren’t built for rental properties. Under Fannie Mae’s guidelines, rental income can’t be used to qualify for a second home loan, and the home can’t be under a management agreement that controls who stays there. If rental income is your goal, an investment property or DSCR loan may fit better.
Often, yes. Second home loans generally carry different down payment and pricing requirements than loans on a primary residence. Ryan can show you the numbers for your situation.
Many jumbo programs allow second homes. Each jumbo lender sets its own requirements, so Ryan compares the options that fit the property and your finances.
Yes. The building also has to meet the loan program’s condo guidelines. If it doesn’t, ask Ryan about non-warrantable condo options.
If the home is in a designated special flood hazard area, lenders typically require flood insurance. Ryan can help you factor insurance costs into your budget before you make an offer.
Let’s Talk About Your Next Move
Buying a Second Home in Southwest Florida?
Connect with Ryan Meyer to compare your second home financing options.
Prefer to call? 239-910-4980