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Conforming Loan amounts up to $806,500 | FHA Loan Limits are specific to each Florida County
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Thinking of buying an additional property for a new source of income? That would be considered an investment home. Investment homes tend to have the highest interest rates and down payment requirements of all property types. Reserve requirements also apply to investment homes.
What Are the Advantages of Conforming Investment Home Mortgages?
What Are the Requirements?
TIP: Keep in mind that when buying an investment home, you may not be able to include your future rental income from the property in your conforming mortgage application.
Additional Income / Program Options for Investment Properties:
Your interest rate will generally be higher on an investment property than on an owner-occupied home because the loan is riskier for the lender. You’re more likely to default on a loan for a home that’s not your primary residence. That’s a good reason to use our investment property mortgage rate tool to compare prevailing interest rates that you qualify for.
In addition to paying higher investment property interest rates, it’s likely you’ll have to make a higher down payment. Conventional mortgages generally require at least 15% down on a one-unit investment property and 25% down on a two- to four-unit investment property. And loan terms are usually shorter than the typical 30-year residential mortgage. After all, it’s a business transaction, rather than a home purchase.
You’ve estimated your affordability, now get pre-qualified by Fidelity Home Group to find out just how much you can borrow.