Six Lakes Realty

Mortgage Tips for Buying a Northwest Wisconsin Vacation Home

Northwest WI vacation home

Whether it’s a cozy cabin nestled in the woods, or a home on a beautiful lake, it’s easy to dream about a having a Northwest Wisconsin vacation home. Fortunately, buying a vacation home could be easier than you think, if you plan ahead and follow these tips!

First, you’ll need a down payment. For second homes, this ranges from 10% to 35% of the sales price. It depends on your credit score, the property itself, and the lender you are dealing with. The higher your credit score, and the lower your debt burdens, the better.

Having an active mortgage on your primary residence isn’t a deal-breaker. Of course, you will need to show enough income to handle both your primary mortgage and the new mortgage on your vacation home.

Next, the vacation home must meet certain criteria:

1. The vacation home must be a reasonable distance away from your primary residence. If it’s close to your primary home, it must have recreational amenities or access to them.

2. The vacation home cannot be used as a rental property. Some limited rental occupancy may be permitted, depending on the lender’s rules.

3. The vacation home cannot be left completely unoccupied. You must reside there at least part of the year. Seasonal occupancy is fine. Occasional weekend occupancy is fine.

4. Your second home must be a single-family unit. Single-family homes and condominiums meet this requirement. A duplex would not qualify, nor would an apartment building.

At Six Lakes Realty, we know Northwestern Wisconsin lenders who offer vacation home mortgages! Local lenders are often the best solution, because they know our area and understand the market values. We will be happy to give you a personal referral!

Six Lakes Realty offers the very best in real estate guidance! We are a locally-owned family business with over 40 years of experience. Our friendly, hometown service is just a call away!

John Flor  CRS, GRI, ABR, RSPS, RRS, e-PRO

Team Lead / Property Marketing Specialist

Six Lakes Realty powered by Keller Williams Realty Diversified

Office: (715) 924-4806


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