Tag: Occupancy

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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Fannie Mae Issues Fact Sheet for “Getting it right – Re-verification of Occupancy – Dated July 2021

Written by: Lloyd Rutherford, Staff Writer Fraud is rampant in our industry, so don’t be an innocent victim or a willing participant.  This article outlines some recent issues from Fannie Mae that you need to be on the lookout for. Rule Synopsis: Fannie Mae publishes useful Fact Sheet for “Getting it right – Re-verification of […]

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USDA Occupancy Requirements

Question: Does USDA only allow for Primary Residence or are there other types of occupancy?  Mortgage Currentcy Chart – Occupancy – All Agency Comparison Answer: USDA only allows for primary residence. We do have a chart on occupancy. I have provided the link below. Supporting Resource: Mortgage Currentcy Chart – Occupancy – All Agency Comparison […]

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Minimum Time Frame to Occupy a Fannie Mae Financed Property

Question: Do Conventional loans require an occupancy on property within 60 or 90 days? Answer: Typically, the borrower shall establish, occupy, and use the principal residence within 60 days after the execution of the security instrument. However, this can vary by states.  So, also refer to the applicable state security instrument form for requirements. Reference: Fannie Mae […]

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Freddie Mac – Reining in Reverse Occupancy

Written by: Lloyd Rutherford, Staff Writer Opening your eyes to what causes lender buybacks or litigation is important if you are going to be in the business of lending money.  The agencies periodically issue fraud trends that they see in our industry, and it is important for all lenders to keep up on what is […]

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