10% Down Vacation Home/STR financing not going anywhere

Lender · All 50 States · Member since 2020 · 248 posts · 142 votes

Fannie Mae 10% down loans for second homes/STR properties are not going away April 1st just in case you heard something different.

A pic of my lake house that I used a 10% down Fannie loan to buy for emphasis.

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Investor · NH · Member since 2020 · 175 posts · 75 votes

@Jeff Chisum From what I heard from a lender, they are going to be getting much more expensive rendering them almost obsolete. Is that true?

I'd love to own a lake house some day, congrats on the purchase!

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Drew Clayton
Member since 2019 · 70 posts · 38 votes
4y
@Alex S. What’s the source of that quote, please? Link if possible
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Drew Clayton
Member since 2019 · 70 posts · 38 votes
4y
@Jeff Chisum is there any difference or consideration of the makeup of those loans? In other words, can you mix and match investment property loans and vacation/2nd home loans?
I currently have one investment property with a mortgage in my name, and I've been wondering if I have to move it to my LLC to be able to get another conventional loan for a vacation home / STR. Thanks.
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Jeff ChisumPro Member
OP
Lender · All 50 States · Member since 2020 · 248 posts · 142 votes
4y
Depends if you are looking to buy in the same otherwise. There are no rules around the mix of mortgage products that you have in your personal name. The limit is ten.
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Jeff SullivanPro Member
Rental Property Investor · Dothan, AL · Member since 2020 · 32 posts · 10 votes
3y
is 10% on a vacation home still available. I’m looking for a lender for a condo that I want to acquire near where my daughter will attend college.
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