This loan is for a second home. A second home is generally expected to be in a resort area. The second home must be a reasonable distance away from principal residence.
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| Credit score: | 620 minimum |
| Property type: | 1 unit, Condo, PUD |
| Occupancy: | Second Home |
| Down Payment: | 10% minimum |
| Loan to Value: | 90% Max. CLTV: 90% |
| Gift Funds | Allowed. No minimum buyer contribution required |
| Closing cost: | Seller and/or lender can pay up to 6% |
| Debt Ratio: | 45% |
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Additional Notes:
- Condos must be Fannie Mae approved
- Lender paid closing cost available
- Unpermitted additional will not be given any value
- Second home should be suitable for year-round use
- Borrower must qualify with both mortgages
- Bankruptcy 4 yrs, Foreclosure 7 yrs, Short Sale 4 yrs.
- Less than 20% requires mortgage insurance
- 2 months reserves are required
- Rental income cannot be used to qualify on second home
- Inquire if property will qualify as second residence
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