Category: Fannie Mae/Freddie Mac

Do You Need to Own a Primary Home to Buy a Second Home?  Surprisingly, the answer is NO!  You can buy a second home without owning a home presently.  Curious as to how this works? Contact me and I will fill you in on the details.

Do You Need to Own a Primary Home to Buy a Second Home?  Surprisingly, the answer is NO!  You can buy a second home without owning a home presently.  Curious as to how this works? Contact me and I will fill you in on the details.

Related Article Title: Second Home Purchase Without a Primary Home Question: Do you have to own your primary residence to be able to purchase a 2nd home? MC-Occupancy Chart – All Agency Comparison Answer: Interestingly enough, you don’t. Both agencies allow for the borrower to buy a home as a 2nd home even when they […]

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Can you buy or refinance a property where the title is held by an LLC? For home financing purposes, you will need to transfer the ownership of the property to a person in order to buy or refinance the home.  Once you close on the property as an individual, there are ways to transfer the ownership to an LLC.  Comment below and I will send you a fact sheet on LLCs and Home Financing!

Can you buy or refinance a property where the title is held by an LLC? For home financing purposes, you will need to transfer the ownership of the property to a person in order to buy or refinance the home.  Once you close on the property as an individual, there are ways to transfer the ownership to an LLC.  Comment below and I will send you a fact sheet on LLCs and Home Financing!

Related Article Title: Guidelines on LLC Property Purchases Question: Can a borrower purchase and hold title through an LLC? NEW MTP™ LLC Ownership & Home Financing  Answer: Fannie and Freddie only allow a borrower to take title (or borrow money) as an individual or as a revocable trust. Fannie and Freddie do not allow loans […]

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Cash-Out Investment Loan Using Delayed Financing

Question: I am working with a borrower that is looking to do a cash out refinance for an Investment Property that he just purchased. I believe he falls within the delayed financing exception rules; however, I am not sure that the delayed financing exception also applies to NOO. MC Chart – Delayed Financing – All […]

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Required Numbered of Years for Tax Returns

Question: If a borrower has been in the same line of work for 5 years prior to opening business, is this considered a valid history? We’re trying to qualify borrower using just one year of tax returns. Answer: That is a great question. Here are the details: Being in the same line of work prior […]

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Second Home Purchase Without a Primary Home

Question: Do you have to own your primary residence to be able to purchase a 2nd home? MC-Occupancy Chart – All Agency Comparison Answer: Interestingly enough, you don’t. Both agencies allow for the borrower to buy a home as a 2nd home even when they don’t own a primary residence. You must include the amount […]

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