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This type of conventional loan is reserved for those looking to purchase a property other than those in their immediate area and intending to spend some time there throughout the year.
Although most people opt to find a second home far away from their everyday life, the minimum requirement is only 50 miles away. In some instances, such as a resort or tourist area, you can waive this requirement.
While rental income will not qualify you, it’s okay to also use it for rental income as long as you occupy the house sometime throughout the year. The difference between a second home and the Investment Loan Program is that the down payment is only 10% and MIP is allowed.
Investment Home Loan Features:
Distance from primary requirement
Have to occupy at some point in the year
10% down may be available with MIP
Not VA, FHA, USDA-eligible