Requirements for conventional financing are as follows:
Second Home Requirements
1. Must be located a reasonable distance away from the borrowerâ€™s principal
2. Must be occupied by the borrower for some portion of the year.
3. Is restricted to one-unit dwellings.
4. Must be suitable for year-round occupancy.
5. The borrower must have exclusive control over the property.
6. Must not be rental property or a timeshare arrangement.
7. Cannot be subject to any agreements that give a management firm control over the occupancy of the property.... more