Bad Information around 10% down

[Jeff Chisum]

So much bad and misinterpreted information around Fannie Mae 10% down Second Home Occupancy financing. I talk to about 100 people a month interested in this space. My biggest opportunity in these conversations is to educate people. So many don't realize this loan product can be used to buy an STR, multiple STR properties. If they do know about the product there is always something to correct in what they have been told by other loan officers. Fannie Mae loves there is this opportunity for the borrower to supplement their ability to repay the mortgage.

[Joe Splitrock]

@Jeff Chisum I recommend people directly read the Fannie Mae requirements. I believe Fannie Mae changed their policy on this at some point, so it could be people are working off old information. The big thing for people to understand is they must occupy it for a portion of the year, which means no long term rental. It also has to be self managed. 

✓	Second Home Requirements
	must be occupied by the borrower for some portion of the year
	is restricted to one-unit dwellings
	must be suitable for year-round occupancy
	the borrower must have exclusive control over the property
	must not be rental property or a timeshare arrangement1
	cannot be subject to any agreements that give a management firm control over the occupancy of the property

https://selling-guide.fanniema...