Freddie Mac does offer loan options for purchasing a second home, which is often referred to as a vacation home or a second residence. In general, Freddie Mac guidelines allow borrowers to finance a second home under certain conditions. The second home must be occupied by the borrower and cannot be used primarily for rental purposes.
Additionally, the borrower must meet specific credit and income requirements and satisfy Freddie Mac's debt-to-income ratio limits. It is also important that the borrower has a solid repayment plan, as the financial institution will evaluate the borrower's overall financial profile.
Individuals interested in purchasing a second home with a Freddie Mac loan should refer to the latest information available on Freddie Mac's website to ensure they understand the specific eligibility criteria and documentation needed for the application process.
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