I'm getting conflicting advice from lenders whether i can have two second home mortgages in the same city.
If both are used for primary use and rental use, is it possible?
Fannie Mae doesn't have a blanket mileage limitation so it may be lender underwriting specific requirement?
I'm looking to put down 10% on a second home, but i already have a second home in the same market that i rent out sometimes (put down a lot more for that downpayment).
Want to make sure i'm doing everything above board.
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7h
Quote from @Allison Hertzberg:
I'm getting conflicting advice from lenders whether i can have two second home mortgages in the same city.
If both are used for primary use and rental use, is it possible?
Fannie Mae doesn't have a blanket mileage limitation so it may be lender underwriting specific requirement?
I'm looking to put down 10% on a second home, but i already have a second home in the same market that i rent out sometimes (put down a lot more for that downpayment).
Want to make sure i'm doing everything above board.
You can actually buy a second house or several without using Fannie Mae. There are sufficient numbers of people willing to sell and allow you to keep their financing.
If your insistence is to use Fannie Mae, For second homes/investment properties, Fannie Mae generally allows up to 10 financed properties through DU. Your properties can be in the same city. You may actually be running into a Debt to Income issue instead of a FM limitation.