How To Make Second Homes Affordable

How To Make Second Homes Affordable

Scott Nicholson

Published 1 year ago

Hello,

I wanted to get this information together to help my clients purchase these Second Homes again; if you are not aware, these loans took a massive blow from FNMA in January, when they released a recent fee change to these loans.

Here is the announcement - https://singlefamily.fanniemae.com/media/30326/display


Essentially they have significantly increased the costs associated with purchasing a second home with a conventional loan. Even if the client is okay with the higher costs, they still could not purchase them, because those higher costs now trigger high-cost compliance laws within the banks. So, we can't do these loans, especially when they are above 647k as a loan amount or what they call High Balance Loans. But, I want to show you a way we could in this market.

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Loan-level Price Adjustments for Second Home and High-balance Loans

Loan-level Price Adjustments for Second Home and High-balance Loans

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How To Purchase A Second Homes With Less Than 20% Down

How To Purchase A Second Homes With Less Than 20% Down

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