How does it affect financing if our student lives in the home near Auburn University?

DIRECT ANSWER

Source-qualified general planning or verification guidance for Auburn University housing decisions. National mortgage rules apply only within the stated programme and do not establish university benefits, local prices, an individual loan approval or permission for a particular property. Keep the limitations and dates in the answer; use actual documents for the decision.

Tell the lender who will borrow, hold title, actually live in the Auburn-area home and pay rent, including any plan to rent rooms or change use after graduation. Fannie Mae distinguishes principal residences, second homes and investment properties; for a principal residence with multiple borrowers, its page generally requires one borrower to occupy and take title, subject to guarantor or co-signer rules. A student's residence alone does not establish which category fits a parent's loan. Have the lender apply the complete current program rules to the proposed ownership and occupancy arrangement before relying on a rate, down payment or approval.