Second home purchasers will be able to make a substantial down payment from liquid resources and still have adequate reserves. A vacation home is not in the same locale as the borrower's primary residence and the location or amenities of the second home should generally appeal to vacationers. The borrower does not currently own rental property in that community. Top of Page VA Available to individuals who have served or are currently in the US armed forces that meet eligiblity requirements. VA mortgages may be provided with no down payment requirement, making them ideal for first-time borrowers.
Loans are assumable with release of liability and there are no penalties for prepayment.