Success Lending

Hope you have a super sillly Friday. Sharon

www.successlending.biz

Mortgage Rates Hold Steady At All Time Lows Mortgage Rates paused their recent trend of moderate improvement today to hold steady near all-time lows. Despite an abundance of domestic economic data out this morning, r ates continue to be indirectly fueled by political and economic turmoil in the Euro...

Buying a Second Home?
7 Key Mortgage Rules You Need to Know About!

People buy second homes for many reasons and the home does not have to be in a resort/vacation area in order to qualify. Simply wanting to be closer to family & friends is perfectly okay. And, yes, your clients can get a conventional mortgage for a second home—but there are 7 key things you and your clients need to know.

Second Home Requirements

Must be located a reasonable distance away from the borrower’s principal residence.

Must be occupied by the borrower for some portion of the year.

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 arrangement.

Cannot be subject to any agreements that give a management firm control over the occupancy of the property.

Please call me to qualify your 2nd homebuyers before you sell them a home!