All Forum Posts by: Jeff Chisum

Here are three pieces of misinformation I've encountered from client calls this past week regarding the 10% down second home occupancy loan:

1. The property has to be at least 50 miles from my primary residence. (This is an outdated policy; there is no distance requirement now).

2. I must stay in the property for at least 10 days out of the year. (In fact, there is no minimum number of days you have to be in the property. You just can't legally lose the ability to occupy the property when you want to. So, no lease agreements. Any restrictions are lifted after one year).

3. I can't have a Property Manager. (As mentioned in point 2, you can't have a Property Manager agreement where they require your property to be available for more than half of the year. Again, any occupancy requirement is lifted after you have owned the home for one year).

@Shiloh Lundahl I can originate in all 50 states

Are you looking at a 10% down second home/STR loan? I have a unicorn with lower rates and fees=CASH FLOW

100% of my business is helping clients in all 50 states with purchasing vacation homes/STR properties. 90% of my clients use the 10% down loan because the lower down payment requirement and rates/cost similar to a primary residence. We have a unicorn product that most lenders don't have access to and gives us this pricing ability. PMI is relatively low. .2-.23 for most of my clients. After two years you can get rid of PMI potentially with a new appraisal.

Have you explored the 10% down vacation home/STR loan? Happy to help with info if you want to send me a DM. I have unicorn with lower rates and fees than most. 100% of my business in all 50 states.

Is this for a primary residence?

100% of my business is helping clients with the financing to buy in this asset class in all 50 states. We have a unicorn 10% down second home occupancy loan that has much lower rates and fees than Fannie. This product is used by about 90% of my clients. To utilize the product it's safest to stay with SFR or Townhome. Has to be one unit. No distance requirements from your primary. I own two STR's in N Central Arkansas. Think Ozarks, Trees, prestige corp of engineers lake. We use our lakes house ate least three weeks out of the year and still have strong cash flow. The golf course cabin we purchased with our self directed IRA so there is no personal use. All income goes back into the SDIRA and at some point I will use those funds to invest in other things I'm interested in.

What kind of loan are you looking to qualify for?

Hey Rafael. Are you looking for financing to buy a STR or LTR?

Love SimpliSafe

Love Sensi

Not a fan of Schlage Encode.  Replaced 5 or 6 at our lake house.  Seems they were fulfilling with warranty with reconditioned units.