All Forum Posts by: Jeff Chisum

Using a 10% down mortgage?

Potentially.  Credit unions and bank portfolio loans.  Some lenders may have overlays to Fannie policy or what’s more common is incorrect interpretation or outdated info on Fannie’s current policy.

I will send you a DM

Of course! 

Thanks!  More good info on my podcast!

90% of my clients are using the 10% down second home occupancy loan to buy in the STR asset class in all 50 states. I have unicorn opportunity that has Lowe rates and fees than Fannie.

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 (This is an outdated policy; there is no distance requirement now).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.