Updating Secondary Residence Indicator
  
 

To indicate the property will be used as a secondary residence, select Yes, awaiting HOC approval from the drop-down box beside Is this a HUD Approved Secondary Residence? on the Case Number Assignment Update page.

Secondary residences are only permitted by HOC and must comply with the following:

 
 
borrower has no other secondary residence,  
 
secondary residence will not be a vacation home or used primarily for recreational purposes,  
 
the commuting distance to the borrower's place of employment creates an undue hardship on the borrower and there is no affordable housing that meets the borrower's needs within 100 miles of the borrower's workplace, and  
 
maximum mortgage amount of the secondary residence is 85% of the lesser of the appraised value or sales price of the property.  
 

Once the HOC review and approval is made, the field value is changed to Approved and cannot be changed except by an authorized HUD representative.

  
 
Case Number Assignment Update page with Secondary Residency question highlighted
  
   
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