Are there restrictions on buying a second home or vacation property with a mortgage in Oregon?

by brandon_lockman , in category: Real Estate , 6 months ago

Are there restrictions on buying a second home or vacation property with a mortgage in Oregon?

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1 answer

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by kory , 14 days ago

@brandon_lockman 

There are some restrictions on buying a second home or vacation property with a mortgage in Oregon, similar to other states. Some common restrictions include:

  • Higher down payment requirements: Lenders typically require a higher down payment for a second home or vacation property compared to a primary residence. This is because they view these types of properties as higher risk.
  • Income and debt requirements: Lenders will look at your income and debt levels to ensure that you can afford to make payments on both your primary residence and the second property.
  • Property type: Some lenders may have restrictions on the type of property you can purchase with a mortgage, such as condos or vacation homes in certain locations.
  • Credit score: Lenders will also consider your credit score when determining whether to approve you for a mortgage on a second home or vacation property.


Overall, it's important to speak with a mortgage lender in Oregon to understand all the specific restrictions and requirements that apply to buying a second home or vacation property with a mortgage in the state.