Second Home Mortgage vs. investment Property Mortgage?

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Second home mortgage vs. investment property mortgage?

We are considering buying a second (vacation) home. A cabin in the mountains, about 150 miles from where we live. It’s much cheaper to get a second home mortgage than an investment property mortgage, but we would ideally like to get some rental income from the property as well. It probably wouldn’t be a lot, definitely not enough to pay the mortgage. I’ve gotten a lot of hemming and hawing from the mortgage specialists I’ve spoken with about whether we’d qualify for a second home mortgage. Is there a specific line lenders use to separate a second home from an investment property? Any rental income at all? Or is there a threshold amount, or a threshold number of days, or percentage of owner occupancy? We’re going to be 100% honest with the lender, but we’d like to know in advance if we need to commit ourselves to a certain limitation on rental use.

Thanks!

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