Two people sitting in deck chairs

Loan features

LGFCU offers a loan specifically for a vacation home or other second home. Loan options and features include:

  • 5-year Adjustable Rate Mortgage (ARM), or a 10- or 15-year Fixed-Rate Loan.
  • For second homes, you can apply for financing up to 90% of the appraised property value. Cash-out refinances are limited to a maximum loan-to-value (LTV) of 75%. When purchasing or for a no cash-out refinance, loans may be available for up to 85% financing of the rental property's appraised value for a one-unit dwelling. For two- to four-unit dwellings, the maximum LTV for purchases and no cash-out refinances is 75% of the rental property's appraised value.
  • For cash-out refinances, one-unit rentals are limited to a maximum LTV of 75%, with two- to four-unit dwellings limited to a maximum LTV of 70%. Cash-out refinance is defined as any funds that exceed the balances owed on the first and/or second mortgages being paid off, plus closing costs. Maximum loan-to-value varies depending on the property type.

Second homes must be located in North Carolina, South Carolina, Virginia, Georgia or Tennessee. 


Next Steps

Choose a way to request your second or vacation home loan.

Your resources: Loan Information Checklist