Quote:
Originally Posted by retiredguy123
The no rental agreement is a relatively new policy.
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I suspect it is more directed to buyers who state on their mortgage applications that the property will be owner-occupied when in fact renting is the plan. Interest rates and down payments are higher on rentals but some buyers cheat and lie about it. Then when Fannie Mae buys the loan, the lender-bank is on the hook for borrower fraud. Look at your mortgage docs. It's all right there.