Owning a cottage doesn’t have to be a dream. There are number of options available to you. Typically lenders will look at few things for approval.

Type “A cottages” will fall under the same criteria as a fully financed home, essentially it is a second home. This will either be financed with insurance or without depending on our your credit situation.

Type “B cottages” have different financing options available. For example some lenders may qualify an insurance property for up to 90% of the purchase loan to a maximum value of $350,000. Uninsured lending options typically result in the loan value being reducedto 65% of the purchase value with an increased interest rate.