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 Unit, Condo, PUD|
|Down Payment:||10% minimum|
|Loan to Value:||90% Max. CLTV: 90%|
|Gift Funds||Allowed. Minimum buyer contribution 5%|
|Closing cost:||Seller and/or lender can pay up to 6%|
- Condos must be Fannie Mae approved
- Lender-paid closing cost available
- Impounds are optional with 10% down
- Second home should be suitable for year-round use
- Borrower must qualify with both PITIA obligations
- Bankruptcy 4 yrs, Foreclosure 7 yrs, Short Sale 4 yrs.
- Mortgage Insurance required when less than 20% down
- 2 months reserves are required
- Rental income not considered on second home
- Inquire if property will qualify as second residence
This page contains program highlights only. See links on right side links for further information and details.