Finance
In Colorado, a 'second home' mortgage loan typically has requirements different from a primary residence loan including:
AA. Lower interest rates and no down payment
BB. Higher down payment requirements (usually 10% minimum), higher interest rates, and restrictions prohibiting full-time rental use✓ Correct
CC. Government guarantees like an FHA loan
DD. No qualification requirements
Explanation
Second home financing for Colorado mountain and resort properties is different from primary residence loans: conventional lenders typically require at least 10% down (often more), higher interest rates, and the property cannot be primarily a rental (Fannie/Freddie require the owner to have reasonable personal use). Investment property loans (for pure rentals) have even stricter requirements.
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