WHAT IS CONSIDERED A VACATION HOME WHEN APPLYING FOR FINANCING?

Asked by Camille, Indianapolis, IA Fri Jun 22, 2012

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Gregorio Denny’s answer
Gregorio Den…, , San Diego, CA
Fri Jun 22, 2012
Requirements for conventional financing are as follows:

Second Home Requirements

1. Must be located a reasonable distance away from the borrower’s principal
residence.
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.
Web Reference:  http://WeFixRates.Com
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