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.