10% down "Vacation(2nd) Home" - Legally rentable?

[Adam Sharp]

Hi - looking to buy another property that will be a rental home and I ahve come across the concept of the 10% down "vacation home" loan offering.  I have been told opposite information from different lenders and am having trouble finding a definitive resource on the subject.

Lender1: "Vacation homes" cannot be rented, if you acquire a vacation property with the intent to rent you are in violation of the loan, the loan could get called, and you risk foreclosure and a derogatory mark on your credit.

Lender2: "Vacation homes" can be bought for 10% down and you can rent them right away.  You have to report the income if you rent over 2weeks of the year but as long as you personally use the property for a set number of days you will remain in good standing.

Which is correct?  I know I am opening a grey area can of worms with this but any advice would be appreciated.  

Thanks in advance!!

Adam