All Forum Posts by: Jeff Chisum

Fannie Mae will allow an individual to have 10 mortgages in their name. Nothing to say those couldn't be all second home occupancy loans. I have the ability to do an additional 5 DSCR loans in the name of an LLC.

“At some point during the year”. The 14 days and 10% of days…is all tied to business vs personal IRS 

 Thanks Cole!  We love it there and own another home on a golf course about 20 minutes from the lake house.  

Far from the truth.  I visit with about 100 clients a month consulting on financing strategies around this asset class.  90% are surprised when I tell them the second home occupancy loan rates are similar to what you would get on a primary.  Now rates will be similar to what is currently available for investment property loans.  Still 10% down on a property that will out perform a LTR in cashflow and appreciation.  I'm fine with the rate.  Would I rather have it lower...sure.  Obsolete...not even close.  

 True.  I talk to about 100 people a month and I would say roughly 50% didn't know about the second home occupancy loan and 80% surprised the rate similar to a primary residence.  

 Thank you!  We love it there!

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.

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

Hey Craig!  Sound like you may have purchased your property prior to the split when Fannie created their own.  You can call your servicer or sometimes it will say on your credit report

Fannie allows for STR income to be used after it's been documented on your tax return

No set distance requirement just has to make sense. You live in a master planned, sub divided neighborhood and 45 miles away there is a lake community you want to buy a house to get away with the family because you guys like to ski and fish. You plan on staying there at some point during the year and then make available for STR. Golden for 10% down