Northern Arizona University
Fannie Mae's second-home requirements include borrower occupancy for part of the year, a one-unit home suitable for year-round use, exclusive borrower control, and no management agreement controlling occupancy. Its page also permits identified rental income without disqualifying the loan as a second home if that income is not used to qualify and all other second-home requirements are met. Disclose the actual rental plan and ask the lender whether it fits second-home requirements or requires investment-property financing; rental income alone is not an automatic investment classification.
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