The following Occupancy Types are eligible for financing: Primary Residence Second/Vacation Home – To qualify as a second/vacation home, the property/transaction must meet all criteria:
- Must be suitable for year-round occupancy.
- Cannot be part of a rental pool.
- No rental income can be derived from the property.
- Investment properties of any kind are not eligible for financing.
Do any borrowers own 10 or more personally held properties (properties not held in a corporation or partnership)?
If your borrower owns more than 10 properties vested in the borrowers name they are ineligible. If the properties are held in a corporation's name, each corporation counts as one for a maximum of 10.
Do any borrowers have 4 or more financed, personally held properties (not including in a corporation or partnership)?
AmMAC limits the total number of personally held rental units to four (4) units, whether in a single property or a combination of properties. Borrowers with more than 4 units of personally held rental property are not eligible for financing with AmMAC.
This is very helpful. Thanks for being so awesome.