Recently Purchased 2 foreclosures - Questions on financing

[Craig Steltz]

I recently purchased two foreclosed condos that I am renting. I purchased the condos using a home equity line of credit. Now I would like to convert these to a mortgage in order to allow me to purchase more properties to rent.

The purchase price was 83,000 for the 3 bedroom condos. The appraised values in the area are $105,000.

My question is does this equity count torwards a down payment? meaning if the bank's appraiser agreed with the 105,000 would I already have 20% and not need to put cash down?

Also are 30 year loans easy to get? Or is 20 the standard for investment properties? Lastly what are current rates for investment properties?

Thanks to all my money crazed friends in advance. You've been a huge help! :beer:

OB