According to a recent Nasdaq article, Freddie Mac and Fannie Mae are making buying a second home more expensive.
But in terms of financing a second home, Freddie Mac and Fannie Mae have
begun limiting how many second homes (and investment properties) they
will provide mortgages for by putting a cap on those products that
lenders can sell to them. The purported reason is the additional risk
associated with second homes and investment properties.
If you've been considering finding a second home or a vacation home in Traverse City or the surrounding Northern Michigan area, let's connect.
As a Resort & Second Home Property Specialist (RSPS) and someone with 30 years
experience working in mortgage lending, I can help you find options.