As the warm days of summer roll in, many people find themselves dreaming of owning a second home—a relaxing coastal cottage, a cozy mountain cabin, or a weekend lake house retreat. At Tidewater Mortgage Services, we understand how meaningful it can be to create a space where your family can unwind, recharge, and make lasting memories.

Whether you’re looking to purchase a vacation property for personal enjoyment or as a smart investment, we’re here to guide you every step of the way with tailored financing solutions and expert support.

1. Second-Home vs. Investment Property: What’s the Difference?

The way you plan to use your vacation home determines what type of loan you’ll need—and the requirements that come with it.

• Second Home: Planning to use the home primarily for your personal enjoyment throughout the year? This is considered a second home, and it typically comes with more favorable loan terms. With Tidewater Mortgage Services, we offer competitive interest rates and down payment options starting as low as 10% for qualified buyers.
• Investment Property: If you plan to rent the home to others (either as a short-term vacation rental or long-term lease), lenders classify it as an investment property. These loans usually require a larger down payment—often 15% to 25%—and may carry slightly higher interest rates. At Tidewater, we’ll help you navigate the best programs available to make your investment work for you.

2. What You’ll Need to Qualify

At Tidewater Mortgage Services, we simplify the second-home and investment-property financing process by helping you prepare for the key requirements:

• Strong Credit Score: Most second-home and investment loans require a credit score of 680 or higher. Our team will review your credit and guide you on ways to improve or optimize it, if needed.
• Down Payment: While second-home loans can start at 10% down, putting 20% or more down may give you even better rates. Investment properties typically require 15–25% down, depending on your financial profile.
• Debt-to-Income Ratio: A healthy DTI (usually under 43%) helps show that you can comfortably handle both your primary and secondary mortgage payments. We’ll help you calculate this and recommend strategies to strengthen your application.
• Cash Reserves: You may need several months of mortgage payments set aside in savings, especially if you’re purchasing an investment property. We’ll walk you through exactly how much is needed and why it matters.

3. Tips for Making Your Vacation-Home Purchase Smooth and Stress-Free

Buying a vacation home is a big decision, and Tidewater Mortgage Services is here to make sure your experience is seamless:

• Partner with a local TMSI Loan Officer you can trust. With offices and licensed loan officers across coastal and mountain regions, we understand the unique details of vacation-home lending in your target area.
• Get pre-qualified before house hunting. Pre-qualification not only shows sellers you’re serious—it helps you set a realistic budget and moves you closer to securing your dream property faster.
• Factor in total costs. Our team will help you plan for all the extras: seasonal maintenance, HOA fees, insurance (including flood insurance if you’re eyeing a beach home), and local tax considerations.

Let Tidewater Mortgage Services Help You Escape the Everyday

Whether you’re searching for a relaxing getaway spot or a profitable second property, Tidewater Mortgage Services has the experience, tools, and personal service to help you every step of the way.

Our loan officers are standing by to help you explore your options and turn your vacation-home vision into reality.

📞 Ready to get started? Contact us today or apply online to take the first step toward owning your dream retreat.