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What is required for a second home?

Second Home Properties

The table below provides the requirements for second home properties.

Second Home Requirements
  must be occupied by the borrower for some portion of the year
  is restricted to one-unit dwellings
  must be suitable for year-round occupancy
  the borrower must have exclusive control over the property
  must not be rental property or a timeshare arrangement1
  cannot be subject to any agreements that give a management firm control over the occupancy of the property
  must be underwritten in DU and receive an Approve/Eligible recommendation, with the exception of high LTV refinance loans required to be underwritten in accordance with the Alternative Qualification Path (see B5-7-03, High LTV Refinance Alternative Qualification Path).

1. If the lender identifies rental income from the property, the loan is eligible for delivery as a second home as long as the income is not used for qualifying purposes, and all other requirements for second homes are met (including the occupancy requirement above).

An LLPA applies to certain loans secured by second homes. This LLPA is in addition to any other price adjustments that are otherwise applicable to the particular transaction. See the Loan-Level Price Adjustment (LLPA) Matrix.

For more information related to occupancy types, refer to B2-1.1-01, Occupancy Types.  For maximum allowable LTV/CLTV/HCLTV ratios and credit score requirements for a second home, see the Eligibility Matrix.

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