Tag: primary residence

Using Rental Income on a 2 Unit as First Time Homebuyers

Question: My client is a first-time homebuyer with great credit, but no history of receiving rental income or property management experience.  Are we able to use rental income for the second unit to qualify? MC Chart – Rental Income Answer: It all depends on whether or not the borrower has a current housing expense (that […]

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Minimum Distance Requirements Between Primary Home & Second Home

Question: Is there a minimum distance required from a second home to the primary residence? MTP™ – Second Home or Investment Property? Answer: No. Lenders may impose them, but Fannie does not. Here are the requirements for a 2nd home from their selling guide.Second Home Properties Must be occupied by the borrower for some portion […]

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