I have 2 questions: if I buy a condo to be used as a pied-a-terre, and I don't own my primary residence, can I qualify for a regular rate (vs investment property rate)? Could I qualify for a home equity loan on top of the mortgage, or is this reserved for primary residences? Please assume excellent credit and downpayment >45%. Thanks.

There are actually 3 main rates: primary residence, 2nd home and investment property. You would easily be able to get the 2nd home rate which is superior to the investment rate. But you may have other options. If you can somehow use the condo as a primary residence, or at least register it that way, you not only will get the best rates but if you keep the property for at least 2 years as the principal residence, you will be able to deduct $250,000/$500,000 from any gain when you sell.

The guidelines for 2nd home and primary are pretty much the same. You would still be able to get a home equity loan as well on top of the 1st mortgage. Terms will vary depending on loan amounts. sunny_hong@countrywide.com

yes, you can qualify easily,

OK. Thanks!