Tahoe Second Home Loan Information

Tahoe Second Home Loan Information

Did you know that the mortgage loan limits for the Tahoe area are not the same as in the Bay area, or other parts of California? As part of the Tahoe second home buying process we will cover a number of topics, and check-list items. One of those check-list items will be how you will pay for your Tahoe property.

If you are a cash buyer, I will let you know what documents you will need to either present with your offer, or once in escrow.

If you are getting a loan to purchase your Tahoe second home I will ask you if you’ve spoken to your lender recently and if you are pre-approved.

Recently, I’ve had several Tahoe second home buyers, who were pre-approved with their local lender find out that they had not been given the correct loan program information.

As a result, the Tahoe second home buyer was put in the position of having to either increase their down payment significantly, or cancel their purchase because they didn’t qualify for the correct loan program they would now need in order to purchase their Tahoe second home.

Here is what you can do to avoid having a last minute lender problem for your Tahoe second home purchase:

Tahoe Second Home Loan Buyer Tips:

Tahoe Second Home Location: Make sure your lender knows what county you’ll be buying your second home in. Most common California counties in the greater Lake Tahoe area are:
El Dorado
Placer
Nevada
Conforming Loan Limits: For general planning purposes, as of October 1, 2011, any loan amount below $417,000 in the greater Lake Tahoe, California area is going to fall into the conforming (conventional) loan range, with loans amounts above that falling into either a conforming plus loan product, or a Jumbo loan.
Primary Residence vs. Second Home: Make sure your lender knows this is a Tahoe second home purchase.
% Down: Confirm the percentage (%) down that is required for the purchase. Lenders are doing jumbo loans with just 20% down, so make sure you’ve shopped around for the best program.
Loan % Rate: Confirm the loan percentage (%) rate for the program you are getting.
Loan Funding Timeline: Ask how long it is taking to fund a loan with that lender. Loans may take as long as 60+ days, so ask upfront to avoid a delay in your transaction.
Appraisals: Ask your lender how many appraisals will be needed for your Tahoe second home loan. More than one appraisal is a signal that a longer escrow period will be needed to close the transaction.
Shop Your Loan: The mortgage loan market is very competitive. It often pays for a consumer to shop around and compare rates, programs, and the level of customer service they are looking for before selecting their lender.

If you don’t have a lender, and you will need one, let me know and I will put you in touch with a great lender that is doing Tahoe second home loans in our area for buyers. I’m here to help you through the entire Tahoe second home buying process, including working with you and your lender.

If you’d like more information on buying a Tahoe Second Home, or on the Tahoe Second Loan Process, call Laura Allen at 530.414.1260.

Thinking about making Tahoe City, California your second home? Check out the homes that are for sale in Tahoe City here:

Want to see what condos are for sale in Tahoe City? Here are the current listings:

For all of your Tahoe real estate needs –

Laura A. Allen | 530.414.1260 | Laura@TahoeLaura.com
BROKER ASSOCIATE, Tahoe Real Estate Agent
CalRE# 01473598
Coldwell Banker, Tahoe City, CA CalRE#01908304

All information is deemed reliable, but is subject to change, and/or correction without notice.

Tahoe Second Home Loan Information