Seasonal Home Loans in Maine
Are you interested in buying or refinancing a second home or seasonal home? Do you know the difference between the two?
First Portland Mortgage can finance your second home in many cases. However, not all seasonal homes can be financed easily. A seasonal home is one that you cannot occupy all year round. Mortgage rates for second homes vary from that of primary homes starting in 2022. Seasonal second home rates are higher than year round second home rates. First Portland Mortgage can finance most seasonal homes with a FIXED rate for 15 or 30 years. Here is our PROGRAM criteria:
Limited to one "seasonal aspect". Must be able to use at least three seasons of the year. The appraiser must confirm that seasonal homes are typical to the area. Seasonal homes can also be difficult to finance in the winter. We must have confirmation from appraiser and/or home inspector that all available utilities in home are up and operational before closing.
Piers, posts, lake water, no heat etc. are acceptable as long as the appraiser can find similar comparable sold homes in the area. The only exception is for plumbing. Outhouses are typically not approved. Chemical and composting toilets may be approved on a case by case basis, but washing facilities, like shower or tub are required. Homes with missing amenities often require 25% down.
Water to the dwelling must be potable. Water must be piped in and not hand-carried. When the water is from an open source (ie. lake), there must be testing of the water for potability. We don't typically require a water test if the source is a well.
3-season homes are dwellings that are suitable for living for 3-seasons of the year (camps are not classified in this category). To layer multiple features that diminish the dwelling from a year-roud status, even if common for the area, may not fit the 3-season home requirements. All facilities common and customary for residential dwelling that are needed in the remaining 3-seasons must be present. (i.e. running water with heated water must be available as well as electric service & sanitary facilities, such as toilets) Outhouse facilities when combined with the lack of other utility services may not meet the 3-season requirement. Conversely, heat sources, if not needed for occupancy of the remaining 3-seasons would not be required.
Unfortunately, we can't finance seasonal condominiums or seasonal homes that have a large association fee similar to a condo. In addition, we CAN'T finance homes while they are shut down for the season.
Call First Portland Mortgage today at 207-878-7770 to see if your new dream vacation home qualifies.