Wednesday, January 13, 2010

Good Time to Buy a Vacation Home?

 Lenders are starting to process more loans for vacation and second home buyers.  This article from The New York Times addresses the trend:
IN the heart of the winter, many homeowners may be romanticizing about a vacation home in warmer climes. Fewer people had the opportunity to buy one last year, what with the mortgage crisis. Lenders now appear more willing to finance second homes, but borrowers must be patient, eminently qualified and strategic about their housing choices...

The improving conditions for borrowers, Mr. Walsh said, come mainly from the drop in vacation home prices, not any relaxation in lending standards. The lower prices, and lower loan amounts, make it easier for people to afford a second mortgage payment.

See the full article in the New York Times. 

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