Wanted to check if that is true and if it is just lender specific or are there any legal laws around it.Thanks The rules are generally pretty vague - for the 10% Down Second Home Loan - generally are supposed to be not an investment property (no more than half the year rented out, no property management) and the vicinity rule is not super clear - but you are supposed to live "near the property"There won't be a difference among lenders since this is a GSE backed product (all rules the same) - however, the difference is likely to come from the interpretation of how close "near" meansThis is a good twitter (X) thread on the topic from a lawyer thats in the spacehttps://twitter.com/Wildlaw406/status/1689416363973214213

Hey Anais, I live on the Central Coast of CA and invest in Detroit.It has a ton going for it and it's been extremely good to me.

Weather you live in it or not.

I highly recommend you to learn as much as you can via their recorded videos and/or live event. 

I live in Plano.

Not sure what your current living situation is, but you may have an opportunity to get into a new home with a Mother in Law suite, or an ADU that you can STR, just to see if that rental strategy works for you.

Having a termination fee is not uncommon in midwest where I live.

Case in point, I purchased a duplex property and had two very great tenants that were living in their units for over 15+ years.

You also can't do a 121 if you did it in the past 2 years.Ex. you live in first property for 2 years and sell it. you then live in another place for 2 years and then you sell it.You would be qualified to do the 121 in both salesEx.

I live in Utah.