Both Fannie Mae are Freddie Mac, the two agencies that purchase conforming loans, are going to charge additional fees thus making 2nd (vacation) homes and high-balance loans more expensive. What is a 2nd home and High-Balance Loans? Sometimes my borrowers confuse 2nd home as the home they buy after they have purchased their first home. That's not the case. A 2nd home is defined as a vacation home; a home that's not rented out and is also not your primary residence. High-balance loans are loans with loan amounts higher than the basic conforming…continue reading →
