Second Home, Vacation Rental & Investment Property Loans in Charlottesville and Central Virginia

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.