Answer:
Not according to most of the guidance I've seen. The phrase most often used is "poor planning is not a personal financial emergency". There may be other options. Would your bank be comfortable making the loan only secured by the second home then adding the principal dwelling as additional collateral after the loan had closed? The addition of the principal dwelling would be rescindable, but there would be no restriction on funding, since the loan is already in existence. That would probably be your easiest option to avoid delays in funding the purchase of the second home.
First published on BankersOnline.com 2/05/07