Tag: Second Home

Freddie Mac Selling Guide Updates – Bulletin 2021-12 – Dated April 7, 2021

Written by: Lloyd Rutherford, Staff Writer In this update, Freddie Mac releases important updates to Affordable Lending, Income and Assets and the 10-Day Pre-Closing Verification requirements. Rule Synopsis: Freddie Mac is updating their selling guide for a variety of topics. This article will focus on the topics that benefit originators. The updates announced in this […]

A subscription is required to access this content—please view our available subscription options. If you are a current subscriber, please log in.

Maximum Rental Periods & Second Homes

Question: My client owns a second home and rents it out minimally throughout the year.  I do not need this income to qualify the borrower.  If they have any rental income on their tax returns, is this still considered a second home? Answer: Fannie Mae’s second home requirements state “If the lender identifies rental income […]

A subscription is required to access this content—please view our available subscription options. If you are a current subscriber, please log in.

Renovation Programs for a Second Home

Question: Our client has a second home that is paid for, gutted and without running water.  They want to take out a home loan to renovate the property to standard living conditions.  Is there an option for them? Answer: Yes! Fannie Mae offers what they call the HomeStyle® Renovation which supports second homes. Keep in […]

A subscription is required to access this content—please view our available subscription options. If you are a current subscriber, please log in.

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 […]

A subscription is required to access this content—please view our available subscription options. If you are a current subscriber, please log in.

Fannie Mae’s Top FAQs – NEW MTP™ – What is The Difference Between a Second Home and Investment Property?

Written by: Lloyd Rutherford, Staff Writer FAQs published by Fannie Mae are a great way to learn a lot in a quick period of time. Read through this latest FAQ release and pick up some great tips! Rule Synopsis: Fannie Mae updated their top trending questions. Fannie Mae also updated their FAQ for Homeownership Education […]

A subscription is required to access this content—please view our available subscription options. If you are a current subscriber, please log in.

Scroll to Top