Homeready loan for investors
Sorry to possibly repeat an issue that may have been covered in another forum. I'm just looking for a definitive answer.
Regarding FannieMae's Homeready loans, you HAVE to occupy the property? As a first time investor, I don't want to start calling lenders and have missed this requirement. I do not plan on moving out of my current home.
Also, if you make more than 80% of the median income level of the property you are looking at, then you DO NOT qualify for this type of financing?
Again, as a first timer I am trying to learn all the financing jargon. It's not coming to be very easily. I'm currently seeking a conventional 80-20 loan from a local bank and stumbled on this loan program today. Just want as much info before I commit to one type of loan vehicle.
Thanks in advance for any response/s and advice!
Joe
St. Louis, MO