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How do planned occupancy and a student occupant affect a parent or other borrower’s home-financing classification near the this school?

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Embry-Riddle Aeronautical University Prescott

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Compare published answers by school

University of Alabama

For a University of Alabama-area purchase, first identify the actual loan programme. Under the cited Fannie Mae guidance, a principal residence is the borrower's primary home; with multiple borrowers, generally one must occupy and take title, subject to separate guarantor/co-signer rules and the page's stated exceptions. Its second-home conditions include borrower occupancy for part of the year, one unit, year-round suitability and exclusive borrower control, no timeshare arrangement, and no agreement giving a management firm control over occupancy. Identified rental income does not disqualify second-home delivery only when it is not used to qualify and all other second-home requirements remain satisfied. An investment property is owned but not occupied by the borrower. Describe the actual intended use and ask the lender to apply the complete current programme requirements. This is a Fannie Mae example, not every programme's eligibility decision or an automatic parent-college-child exception. Tell the lender who will borrow, hold title, actually live in the home and pay rent, including any plans to rent rooms. A student's residence alone does not establish the classification of a parent's loan. Have the lender apply the actual ownership, occupancy and rental facts before relying on a rate, down payment or approval; do not select a category merely to obtain hoped-for pricing. This guidance does not determine a property's lawful use or grant permission to change use under an existing mortgage.

Sources checked

University of Arkansas

For a University of Arkansas-area purchase, first identify the actual loan programme. Under the cited Fannie Mae guidance, a principal residence is the borrower's primary home; with multiple borrowers, generally one must occupy and take title, subject to separate guarantor/co-signer rules and the page's stated exceptions. Its second-home conditions include borrower occupancy for part of the year, one unit, year-round suitability and exclusive borrower control, no timeshare arrangement, and no agreement giving a management firm control over occupancy. Identified rental income does not disqualify second-home delivery only when it is not used to qualify and all other second-home requirements remain satisfied. An investment property is owned but not occupied by the borrower. Describe the actual intended use and ask the lender to apply the complete current programme requirements. This is a Fannie Mae example, not every programme's eligibility decision or an automatic parent-college-child exception. Tell the lender who will borrow, hold title, actually live in the home and pay rent, including any plans to rent rooms. A student's residence alone does not establish the classification of a parent's loan. Have the lender apply the actual ownership, occupancy and rental facts before relying on a rate, down payment or approval; do not select a category merely to obtain hoped-for pricing. This guidance does not determine a property's lawful use or grant permission to change use under an existing mortgage.

Sources checked

University of Arkansas at Little Rock

For a University of Arkansas at Little Rock-area purchase, first identify the actual loan programme. Under the cited Fannie Mae guidance, a principal residence is the borrower's primary home; with multiple borrowers, generally one must occupy and take title, subject to separate guarantor/co-signer rules and the page's stated exceptions. Its second-home conditions include borrower occupancy for part of the year, one unit, year-round suitability and exclusive borrower control, no timeshare arrangement, and no agreement giving a management firm control over occupancy. Identified rental income does not disqualify second-home delivery only when it is not used to qualify and all other second-home requirements remain satisfied. An investment property is owned but not occupied by the borrower. Describe the actual intended use and ask the lender to apply the complete current programme requirements. This is a Fannie Mae example, not every programme's eligibility decision or an automatic parent-college-child exception. Tell the lender who will borrow, hold title, actually live in the home and pay rent, including any plans to rent rooms. A student's residence alone does not establish the classification of a parent's loan. Have the lender apply the actual ownership, occupancy and rental facts before relying on a rate, down payment or approval; do not select a category merely to obtain hoped-for pricing. This guidance does not determine a property's lawful use or grant permission to change use under an existing mortgage.

Sources checked

University of Central Arkansas

For a University of Central Arkansas-area purchase, first identify the actual loan programme. Under the cited Fannie Mae guidance, a principal residence is the borrower's primary home; with multiple borrowers, generally one must occupy and take title, subject to separate guarantor/co-signer rules and the page's stated exceptions. Its second-home conditions include borrower occupancy for part of the year, one unit, year-round suitability and exclusive borrower control, no timeshare arrangement, and no agreement giving a management firm control over occupancy. Identified rental income does not disqualify second-home delivery only when it is not used to qualify and all other second-home requirements remain satisfied. An investment property is owned but not occupied by the borrower. Describe the actual intended use and ask the lender to apply the complete current programme requirements. This is a Fannie Mae example, not every programme's eligibility decision or an automatic parent-college-child exception. Tell the lender who will borrow, hold title, actually live in the home and pay rent, including any plans to rent rooms. A student's residence alone does not establish the classification of a parent's loan. Have the lender apply the actual ownership, occupancy and rental facts before relying on a rate, down payment or approval; do not select a category merely to obtain hoped-for pricing. This guidance does not determine a property's lawful use or grant permission to change use under an existing mortgage.

Sources checked

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