Second home mortgage vs. investment property mortgage?
The home would primarily be for our personal vacation use. But - since we care about not committing mortgage fraud and want to be sure we're on the right side of the law - we need to know if ANY amount of rental income is too much for that type of loan.
What we have in mind is letting people rent it on weekends we're not using it. It would never be occupied by a tenant for more than a few days at a time. No long-term lease. It's in a ski area and I imagine we could find renters for some of the weekends we don't use it during the winter months.
We would probably stay there several whole weeks during the year, and numerous more weekends, and would probably be the ones to occupy the cabin more than 50% of the time it's occupied.
Would that situation qualify for a second home mortgage? Or would any rental income at all mean we'd need an investment mortgage?