Second Home Loans in Durango, CO
Second Home Loans in Durango, CO
Your Durango getaway, financed locally
Dreaming of a cabin near Purgatory, a place on Vallecito Lake, or a condo within walking distance of Main Avenue? I’m Peter Pritchard, a Durango mortgage originator for 28 years, and I help buyers from Colorado and across the country finance second homes and vacation properties in Durango and La Plata County.
How it works
- A quick call to understand your plans, budget and how you'll use the property
- Pre-approval so you can make a strong offer when the right place comes up
- I shop lenders and walk you through the options in plain language
- Local, hands-on help from contract to closing
Second home or investment property? It matters
Lenders treat a second home and a rental property very differently, and the difference affects your down payment, rate and paperwork. In general, a second home is a property you use yourself for part of the year. It usually needs to be a reasonable distance from your primary home, suitable for year-round use, and not controlled by a rental management company. A property you mainly rent out is usually financed as an investment property, which typically means a larger down payment and different pricing.
If you plan to rent the place part of the year, tell me up front. I’ll help you choose the right category from the start so there are no surprises late in underwriting.
Durango-specific things I help you plan for
- Condos and HOAs: some resort-area condo projects don't meet every lender's guidelines. I check the project early so you don't fall in love with a unit you can't finance the way you planned.
- Wells, septic and rural access: common for cabins around Vallecito, Hesperus and the county. These can add inspections and time.
- Short-term rental rules: the City of Durango and La Plata County each have their own short-term rental rules. Check them before you count on rental income.
- Insurance: wildfire risk can affect the cost and availability of homeowners insurance in some areas. Get a quote early in your search.
- Out-of-state buyers: I regularly work with buyers who live elsewhere and close remotely, with local help on this end.
Second home or investment property?
The answer changes which loan fits. Tap your answers.
Will you or your family stay there yourselves part of the year?
Will you rent it out?
Will a rental program or property manager control when you can use it?
What kind of property is it?
Buying it mainly as a rental? See investment property loans in Durango.
Second home loan options I can shop for you
- Conventional second home loans, with low down payment options for qualified buyers
- Jumbo loans for higher-priced mountain homes above the conforming limit
- Renovation loans (Fannie Mae HomeStyle) for a cabin or second home that needs work
- Fixed-rate and adjustable-rate options
- Investment property loans for 1-4 unit rentals, including properties you plan to rent long-term
- Loans for self-employed buyers who need flexible income documentation
Like a broker, I compare multiple lenders instead of offering one bank’s products, so you see more than one option side by side.
Talk to a local second home lender
Call or text me at 970-828-1610, visit my office at 1099 Main Avenue, Suite 305 in Durango, or send me a message. I’m happy to run the numbers honestly, even if the answer is “wait.”
Not sure where to start? See how I compare mortgage lenders in Durango for you.