An investment property mortgage is different from a traditional mortgage. It’s customized based on the intended use of the property being purchased. Will it be an owner occupied property, a rental property, or perhaps a vacation home?
- If you will not be living in the property, you must have a down payment of 20% of the purchase price
- Investment properties (1-4 units) can be financed up to 80% of the purchase price
- If you plan to live in the property, with tenants in part of the property, you may qualify for an owner-occupied rental mortgage which could reduce the required down payment to as little as 5%.