Home buying, second home and investment property questions

Andy Zemon (NMLS 208916, CMPS), Branch Manager and Loan Originator, Branch 4101 (the Zemon Team), Novus Home Mortgage, a division of Ixonia Bank (NMLS 423065), based in Crozet, Virginia, focuses on second-home, vacation-rental and investment-property buyers in Charlottesville and Central Virginia, including Albemarle County, Wintergreen, Lake Anna, Smith Mountain Lake and Massanutten. He can be reached at (434) 443-6557.

A second home is a one-unit home you personally use for part of the year and control yourself; an investment property is one you buy mainly to rent out. Lenders classify the loan by how you will actually use the property, not by how it is listed, and the classification affects how the loan is underwritten and priced.

Occasionally, yes, under Fannie Mae's guidelines, as long as you still use the home yourself for part of the year, keep exclusive control of it, do not primarily operate it as a rental and do not rely on the rental income to qualify. If renting is the main plan, the property is usually financed as an investment property instead.

Generally no. Fannie Mae allows a loan to be delivered as a second home when the lender identifies rental income only if that income is not used for qualifying purposes. If you need the rental income to afford the payment, talk to your loan officer about investment-property financing instead.

Not in a residential zoning district. The City of Charlottesville treats rentals of less than 30 days in residential zones as homestays, and the owner must occupy the property as their permanent residence for at least 185 days per calendar year and hold an annual Accessory Use Permit. Short-term rental in non-residential districts is regulated as a lodging facility.

Albemarle County allows homestays, but in residential districts and on Rural Area parcels under 5 acres the stays must be hosted by the owner. Unhosted whole-house rentals are only permitted on Rural Area parcels of 5 acres or more, for up to 7 days a month and 45 days a year, with a rental log. Confirm the current ordinance with Albemarle Community Development before buying.

Wintergreen owners who rent for less than 30 days must register with the Wintergreen Property Owners Association (required since January 1, 2023), give guests the community rules and provide a 24/7 contact, and Nelson County requires zoning approval and a county business license. Nelson County is updating its zoning ordinance in 2026, so verify the current rule before you buy.

On the Louisa County side, short-term rentals are allowed by-right in A-1 and A-2 zones and by-right with restrictions in R-1 and R-2 growth-area zones and RD; other zones need a Conditional Use Permit. Louisa County says most Lake Anna waterfront property is likely in a growth area. Lake Anna also borders Spotsylvania and Orange counties, which set their own rules.

It depends on the county and zoning. In Franklin County, short-term rentals are allowed in non-zoned areas and by-right in PCD and RPD districts, need a Special Use Permit in A-1, and are prohibited in other districts; operators register annually and pass an inspection. Bedford and Pittsylvania counties, which also border the lake, have their own rules.

Yes. Rockingham County requires every short-term rental operator to obtain an annual administrative permit by December 31, 2026 and renew it each year. The permit is separate from zoning approval and from the county's transient occupancy tax.

Yes. In Central Virginia the same house can be fully rentable in one county and limited to hosted stays a few miles away. Before you offer, confirm the parcel’s zoning, the locality’s STR permit rules, any HOA or POA rental rules, and whether the septic permit supports your planned occupancy.

Expect the lender to count the full payment on both your current home and the new home, including taxes, insurance and HOA dues, in your debt-to-income ratio, and to verify your credit, income and assets. The exact requirements depend on the loan program, so get a written pre-approval for the specific property type before you shop.

It can. Fannie Mae says a second home must not be subject to any agreement that gives a management firm control over its occupancy. Hiring a cleaner or local manager is different from a rental program that controls your calendar, so share any resort or condo rental agreement with your loan officer early.

Most first-time buyers in Charlottesville and Central Virginia compare conventional loans with government-backed FHA, VA (for eligible veterans and service members) and USDA (for eligible rural areas) loans. Andy Zemon at Novus Home Mortgage is a Virginia Housing approved lender and offers Virginia Housing loans and grants for eligible buyers, plus Novus’s own lender-specific down payment assistance program. The right fit depends on your credit, savings, income and the home, so compare them side by side before you shop.

Yes. Andy Zemon at Novus Home Mortgage is a Virginia Housing approved lender. Virginia Housing’s Down Payment Assistance Grant is a true grant that never has to be repaid for eligible first-time buyers (or repeat buyers purchasing in designated Areas of Economic Opportunity) who use an eligible Virginia Housing FHA or conventional bond loan and meet income and sales-price limits. Virginia Housing also offers a Closing Cost Assistance Grant and a Plus Second Mortgage, each with its own rules. Novus also offers its own lender-specific down payment assistance program. Register at andyzemon.com/down-payment-assistance/ or call (434) 443-6557 to learn more.

Andy Zemon at Novus Home Mortgage is a Virginia Housing approved lender and offers Virginia Housing home loan options (including conventional, FHA, VA and USDA/Rural Development products as available through Virginia Housing) along with Virginia Housing’s Down Payment Assistance Grant, Closing Cost Assistance Grant and Plus Second Mortgage for eligible buyers. Eligibility depends on income, sales price, first-time-buyer status (with exceptions in Areas of Economic Opportunity) and the loan type. See virginiahousing.com for current program details, or call Andy at (434) 443-6557.

Yes. In addition to Virginia Housing programs, Novus Home Mortgage offers its own lender-specific down payment assistance program. Availability and terms depend on eligibility and current guidelines. Register to learn more at andyzemon.com/down-payment-assistance/ or call Andy Zemon at (434) 443-6557 — he will explain what may apply without quoting amounts you have not been qualified for.

Often, yes, if you can qualify with both housing payments or have a plan for the down payment before your current home sells. A loan officer will look at your equity, income and timeline and compare options such as buying first, selling first, or making an offer contingent on your sale.

Expect to provide recent pay stubs and W-2s (or tax returns if you’re self-employed), bank and retirement statements, photo ID and permission to check your credit. A written pre-approval tells you and your real estate agent what you can shop for before you make an offer.

Yes. Second homes and investment property are his specialty, but Andy Zemon and his Novus Home Mortgage team in Crozet also help buyers with primary-home purchases and refinances, including conventional, FHA, VA, USDA, construction financing and Virginia Housing loans and grants, plus Novus’s own lender-specific down payment assistance, subject to program availability and approval.

Call or text (434) 443-6557, send a request through the contact form on andyzemon.com, or start a secure application through Novus Home Mortgage. Andy will review how you plan to use the property, then tell you what documents to gather before you make an offer.

Search NMLS Consumer Access at nmlsconsumeraccess.org. Andy Zemon’s individual NMLS number is 208916, and Novus Home Mortgage, a division of Ixonia Bank, has company NMLS number 423065.

It is a limited-time, lender-paid temporary 1-0 buydown on qualifying purchase loans. Novus pays part of your monthly payment for the first year. It applies to purchase contracts ratified between October 1 and December 31, 2026 that close by December 31, 2026. It is subject to credit approval and program rules.

No. Your note rate does not change. The loan accrues interest at the full note rate for the whole term. For the first year, part of your monthly payment is paid for you. After that, you pay the full payment based on the note rate.

Novus Home Mortgage pays for the temporary buydown on qualifying loans, so no seller concession is needed for it. It is free for home buyers working with our team during the offer window, October 1 to December 31, 2026.

The purchase contract must be ratified between October 1 and December 31, 2026, and the loan must close by December 31, 2026. A closing date is never guaranteed, so start early.

Purchases of a primary residence, a second home or an investment property can qualify, subject to credit approval and loan program rules. Refinances do not qualify. Not every loan program allows a lender-paid buydown, so ask Andy which programs fit your purchase.

A seller-funded buydown is separate from this offer. It depends on the seller agreeing to pay for it, and it must fit the loan program’s limits on seller contributions.

Yes. Qualifying loans also get a credit toward the appraisal at closing. See the official offer terms on the Inflation Buster Buydown registration site for details.

Register on the Inflation Buster Buydown site at inflationbusterbuydown.com, or call or text Andy Zemon at (434) 443-6557. Registering is not a loan application or a commitment to lend.

Novus Equity Advantage is a first-lien home equity line of credit (HELOC) from Novus Home Mortgage, a division of Ixonia Bank. It is paired with a linked checking account. Your deposits go toward the line’s balance, and interest is figured on the balance you still owe.

The HELOC takes the place of a traditional first mortgage. Your paycheck and other deposits go into the linked checking account and are applied to the balance. You can draw on the line for bills and other spending. Because interest is based on the balance, keeping more money in the account can lower the interest you pay. Results depend on your deposits and spending.

Yes. It is available on primary residences, second homes and investment properties, subject to credit approval, property eligibility and program rules.

Yes. It is a variable-rate line of credit, so the rate can go up or down over time. Ask Andy for the current terms before you decide.

It may suit some self-employed borrowers and real estate investors whose deposits are steady and larger than their monthly spending. It is not right for everyone. Whether it fits depends on your income, spending habits, credit and property, and all loans are subject to credit approval.

Andy has an interactive comparison simulator that models deposits, spending and payoff against a traditional mortgage. Its figures are illustrations, not a quote or an offer of credit. Call or text Andy at (434) 443-6557 for numbers based on your situation.