A 2nd home is the same rate as a primary home. A 2nd home becomes a cottage when itís not suitable for year round occupancy. For example, it has to be winterized because of exposed plumbing or something like that. Typically a true 3 season home is not financeable at all, but here at RVB, we do look at doing them as in house deals as we realize they do have value and people do want to buy them.
This response per LeAnn Hayden at River Valley State Bank 715-358-9319