All Forum Posts by: Jeff Chisum

http://www.freddiemac.com/unif...

vs Fannie Mae. Fannie Mae will also allow for you to transfer title into an LLC after a year and will not execute the due on sale clause.

https://singlefamily.fanniemae...

Additionally Freddie doesn't release you from that one year time frame to occupy the property or agree to those terms for a year like Fannie states in their rider

Vacation home/Second Home all the same loan.  It's all about intention.  Fannie has the most liberal policy that states as long as your intention is to occupy the property at some point during the year the requirements are met.  Second home occupancy can be rented on a short term basis and you have to keep control of the property.  This means no leases of 30 days or more where tenant rights would be involved.  Fannie Mae second home rider confirms they allow short term rentals and your commitment to occupy the property in this manner is for a year.  That means you could do another one in the same market a year later.  All with 10% down.  Purchasing power- $548,250 conforming loan limit + 10% down= $615,000 purchase price.  $548,250- 1st mortgage, add a $200,000 piggy back second + 10% down = $830,000 max purchase price.