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What are the interest rates for primary vs 2+ homes cause I bought a second home back in March and as I recall, a Fannie Mae/Freddie Mac change made in February
by mrep 4y ago
What are the interest rates for primary vs 2+ homes cause I bought a second home back in March and as I recall, a Fannie Mae/Freddie Mac change made in February had second properties be a 1.25% higher interest rate than a primary for 30 year fixed.
- pc86 4y agoFM/FM charge additional fees (up-front) for additional properties, but there is no "higher interest rate" for subsequent mortgages. You qualify for whatever you qualify for. Now if you're buying it as an investment property, depending on your down payment, that may increase your interest rate.
- mrep 4y agoI think the effect is the same: https://www.nahb.org/blog/2022/01/fhfa-to-impose-hefty-upfront-fees-on-second-home-purchases/#:~:text=Also%20effective%20on%20April%201,loan%2Dto%2Dvalue%20ratio https://www.nahb.org/blog/2022/01/fhfa-to-impose-hefty-upfro....