If you are attempting to get a home mortgage for a second home you may not get as favorable treatment from the lending institute you are dealing with. If the home is not going to be your primary residence, the lender will see this as a bad sign because you do not have as much of an incentive to not default on the loan. If the property is not your primary property, a home mortgage will probably carry a higher rate. You will also miss out on the opportunity to take advantage of the first time home buyer programs offered by the federal government.