A residence other than the borrower's primary home that the borrower intends to occupy during a portion of the year. No rental income can be collected for a property to be considered a second home.
A property that is purchased by a borrower with the intent to occupy the property but not as a primary residence. Usually this is a recreational home.
A residence that is not one's primary residence. Under current tax law, a taxpayer may deduct interest on two personal residences.
A seasonally occupied dwelling that is not the primary residence of the owner. Such residences are usually found in areas with substantial opportunities for recreation or tourist activity.
a home that you live in part time
a property that is located within a reasonable distance from the borrower's principal residence and which the borrower occupies for some portion of the year
a property that is not your principal residence
a single-family dwelling that the borrower occupies in addition to his or her primary residence
A property that the borrower occupies for some portion of the year, in addition to their primary residence. The property must be located in an area that can reasonably function as a second home and must be suitable for year-round occupancy Typically, this property is located far form the borrower's primary residence, and near either a resort or vacation area, such as mountains, oceanfront, etc.
(Vacation Home) A residence other than the primary residence which will be occupied by the borrower for a portion of each year. A second home must be suitable for year round occupancy.
Commonly known as a vacation home. This home is not rented and is occupied occasionally by the owners.
A home used by the owners only occasionally or seasonally, primarily for recreational purposes.
A residence other than the borrower's primary residence which the borrower intends to occupy for a portion of each year. Must be suitable for year-round occupancy.
A residence other than the borrower's primary residence, such as a vacation or weekend home, which the borrower intends to occupy for a portion of each year.
A one-unit property owned by an individual who occupies it for some portion of the year, but does not use it as a primary residence. The property cannot be located in the same metropolitan area and cannot be subject to any timesharing.
An alternative to your main residence which is subject to capital gains tax! See also: holiday home.
A residence which is neither the owner's primary nor a property which is used as a rental. The property must be occupied by the owner for a period of time each year, and can not be in near proximately to the primary residence. Traditionally a vacation or summer home.
A property designated as a second residence or vacation home and is not leased or rented out.
As defined for tax purposes, a second residence; deductions of mortgage interest and property taxes are deductible by individuals on second homes when they are used as part-year residences.
Also known as a vacation home. This home is different from an investment property as it is not rented, but used occasionally by the owners.
This home is not rented and is occupied occasionally by the owners. It is typically in a resort area not in close proximity to the borrowers primary residence.
One-unit property owned by an individual, occupied by the borrower for some portion of the year, and not subject to any timesharing ownership arrangement. The property must be in a location where it can function reasonably as a second home.
A property occupied part-time by a person in addition to his or her primary residence.
