Getting mortgage on rental property instead of conventional loan

[James Williams]

I want to purchase my first rental property with a mortgage instead of a conventional loan so I can take advantage of the homestyle/homeready programs which allow you to include renovations in the loan instead of conventional loans that require 15% down. Is it legal not be forth-coming with the banks in not letting them know you intend to rent the home. I ask because every mortgage broker or bank completely changes the requirements as soon as I mention investment property. I like that conventional loans let you factor in the estimated rent into your approval decision but starting out I can't afford 15% down payments.