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.
|Credit score:||620 minimum|
|Property type:||1 units, Condo, PUD|
|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%|
- 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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