Thinking of buying an additional property for a new source of income? That would be considered an investment property. Investment properties tend to have the highest interest rates and down payment requirements of all property types. Reserve requirements also apply to investment properties.
What Are the Advantages of Conforming Investment Property Mortgages?
What Are the Requirements?
TIP: Keep in mind that when buying an investment property, you may not be able to include your future rental income from the property in your mortgage application.