Buying a Second Home?.. there are new requirements

A big thank you to Robyn Robertson and letting me know these details.  There are lots of seasonal residents here in McCormick Ranch, and many second home owners.  Many purchase with cash, but for those looking to do financing, knowing the requirements is important.  Her post Converting your Primary Residence to a Second Home or Investment Property

Fannie Mae is changing the policies for  qualifying for a loan when borrowers who currently own their  home and decide to purchase a new home and convert their old home to an investment or second home. The changes are

  1. The old property must have documented 30% equity,or there must be 6 months of reserves to cover the mortgages on both properties
  2. Rental income must be documented with a fully executed lease agreement and
  3. Receipt of security deposit from the tenant into the borrowers account.

These new guidelines go into effect on August 1st