Tag: second-home
More Fannie Changes for Investment Properties and Second Homes
Effective tomorrow (August 1, 2008) borrowers who convert their existing residence to an investment property or second home will be treated to tougher standards if they’re using a Fannie Mae loan. Here are the new requirements:
Converting existing residence to a “second home”.
Borrower must qualify for both payments (this is not new).
Unless the borrower has at least [...]
Posted: July 31st, 2008 under Buyer Information, Fannie Mae and Freddie Mac, Mortgage and Lending.
Tags: fannie, investment property, Mortgage and Lending, qualify, reserves, second-home
Comments: 4
Financing an Investment Property
Obtaining a mortgage for a non-owner occupied propery is much different than buying one you will reside in. For starters, qualifying is tougher and mortgage interest rates are higher as it’s a riskier transaction for the lender. Here are some quick tips to help get you started if you’re considering buying an investment property.
Plan on using [...]
Posted: May 12th, 2008 under Buyer Information, Mortgage and Lending, Rental.
Tags: Investment, Mortgage and Lending, non-owner, owner occupied, Rental, second-home
Comments: 9
Too Close to Home
Ardell’s recent blog, Agent FIRED! Lender Fraud, reminded me of one of my first transactions almost seven years ago. I can’t remember how I came across this client or how he was referred to me because I have deleted him from my database. I don’t ever want to provide a [...]
Posted: January 18th, 2007 under General Real Estate.
Tags: fraud, non-owner, Rental, second-home
Comments: 29
