# owning 2 houses

**URL:** <https://boards.straightdope.com/t/owning-2-houses/188058>\
**Category:** Factual Questions\
**Created:** [July 12, 2003, 10:50pm UTC](https://boards.straightdope.com/t/owning-2-houses/188058 "2003-07-12T22:50:14Z")\
**Posts on this page:** 4\
**Page:** 1

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**Author:** ![jcamacho66](https://avatars.discourse-cdn.com/v4/letter/j/bcef8e/32.png) [@jcamacho66](https://boards.straightdope.com/u/jcamacho66)\
**Post date:** [July 12, 2003, 10:50pm UTC](https://boards.straightdope.com/t/owning-2-houses/188058/1 "2003-07-12T22:50:14Z")

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I have a mortgage on my primary residence and have found another house I like. Is it harder to obtaing a mortgage on a 2nd residence even though I would be able to afford both mortgage payments? I wouldn’t plan on renting the 2nd house, it would be like a vacation home.

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**Author:** ![lucwarm](https://avatars.discourse-cdn.com/v4/letter/l/e19adc/32.png) [@lucwarm](https://boards.straightdope.com/u/lucwarm)\
**Post date:** [July 12, 2003, 10:55pm UTC](https://boards.straightdope.com/t/owning-2-houses/188058/2 "2003-07-12T22:55:49Z")

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My understanding is that yes, it is harder to get a mortgage on a house that’s not your primary residence. I suppose the lender figures that you are less likely to default on payments for your primary residence.

But look, if your income is high enough to satisfy whatever ratios they have, you’ll get your loan (perhaps at a higher interest rate though).

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**Author:** ![j.c](https://avatars.discourse-cdn.com/v4/letter/j/73ab20/32.png) [@j.c](https://boards.straightdope.com/u/j.c)\
**Post date:** [July 14, 2003, 7:54am UTC](https://boards.straightdope.com/t/owning-2-houses/188058/3 "2003-07-14T07:54:52Z")

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I can’t imagine this is a problem. Hundreds of thousands, if not millions, of people have second homes.

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**Author:** ![Philster](https://avatars.discourse-cdn.com/v4/letter/p/13edae/32.png) [@Philster](https://boards.straightdope.com/u/Philster)\
**Post date:** [July 14, 2003, 12:26pm UTC](https://boards.straightdope.com/t/owning-2-houses/188058/4 "2003-07-14T12:26:13Z")

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Second homes: Down payment minimums are stricter/higher - you might need 20% and likely not less than 10%… and loan terms no longer than 25 yrs.

Primary Homes: Flexible downpayment options under 10% and mortgage terms up to 30 years (or more).