It is important to ensure lenders view your pied-à-terre as a second home rather than an investment property, because that opens the door to much better financing.

The Reef, The Regatta, and The Peninsula Buildings at Waterfront Square at 901 N Penn St. Philadelphia, PA 19123

?? Second?Home Requirements

  • Distance matters: Lenders usually want the property to be at least about 50 miles from your primary home. That helps them see it as a true getaway or part?time residence.
  • Commuting angle: If your Philly place clears that distance, using it as an occasional base for work or convenience fits perfectly with second?home guidelines.
  • Personal use: You’ll need to use it yourself throughout the year—not rent it out like an investment property.

? Financing Advantages

  • Lower down payment: You’re not locked into 20–25% down. Many second?home loans allow as little as 10%.
  • Better rates: Rates run a bit higher than a primary home—usually a small bump—but they’re still far better than investment?property pricing.
  • Tax perks: Starting in 2026, mortgage interest on a second home is often deductible, while investment properties follow different rules.

Bottom line: If the place is more than 50 miles from your main home and you’ll use it part?time, you’re likely in great shape for second?home financing with around 10% down and solid rates.

If you want, I can help you run the numbers. Though some NYC condo boards may restrict pied-à-terre residents, I know of no Philadelphia condo buildings that discriminate against such usage.

MARK WADE, Realtor®
37 Years of Center City Condo Experience
BHHS Fox and Roach Realtors
530 Walnut St. #480 | Philadelphia, PA 19106
Cell: 267-237-3404
Email: Mark@CenterCity.com

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