Tag: Second Home

Fannie Mae Selling Guide Updates – SEL-2021-06 – Dated July 7, 2021

Written by: Lloyd Rutherford, Staff Writer In this month’s Fannie Mae update we have a win for refinances and clarification on age of appraisals. Rule Synopsis: Fannie Mae is updating their selling guide for a few topics. This article will focus on the topics that benefit originators. The updates announced in this Selling Bulletin that […]

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Are Two Primary Residences Allowed?

Question: A Husband and Wife own their primary residence, but the husband is taking a new job 300 miles away from their current home and wants to purchase a home there rather than rent. Can the new home be financed as a primary residence? Answer: Borrowers can only own one primary residence at a time. […]

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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 […]

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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 […]

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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 […]

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