Tag Archives: Vacation-Home Buyers Face Financing Hurdles

Qualifying for a loan isn’t easy for most borrowers nowadays, but it’s particularly difficult for vacation-home buyers, who are finding tougher underwriting requirements and other obstacles. “Many popular vacation-home destinations are in the same markets where property values tanked during the housing downturn and have yet to stabilize,” MarketWatch reports. “Some lenders say they’re concerned about underwriting mortgages in areas where prices could fall further. In other cases, lenders won’t approve mortgages if they receive a shaky appraisal report — for instance, one that includes sale prices from other towns […]