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October 23rd, 2008 4:37 PM by David W. Welch
I don't have all the infomation yet, but apparently there is a way of qualifying for two primary residence loans. This does not mean that you can qualify for two homestead exemptions, so do not confuse them. There may be a way for you to qualify for a second primary residence as far as financing is concerned. When I receive a copy of the Fannie Mae guidelines, I will try to break it down for you. Essentially, if you are purchasing the property for elderly parents or adult children who have certain disabilities, you may be able to qualify for a home under primary residence requirements.
If you purchase a second home or investment property, you will have to put considerably more money down. You will also likely have a higher interest rate, and qualifying may be more difficult. If you purchase a second primary residence under these Fannie Mae guidlines, you may be able to qualify with less down payment and you should be able to get the same market interest rate you would receive with any primary residence. As I said earlier, when I get the details I'll post them here, so check back.
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