10% Down Vacation Rental Investing??

[Patrick Enright]

Hi BP Community,

I was listening to one of the BP podcasts (it was on shuffle so do not know the episode, but currently still searching) and the guest on the show mentioned she started vacation rental investing which is one area I am interesting in getting into. She stated that there is a program where if it you first vacation rental property in the area, I believe county or state, that you could quality with 10% down instead of 20%. Does anyone have any experience with this or know of programs like this? I have been poring through online articles but haven't found much on the subject.

For some background I do not own a home at the moment, but am looking at SFR and Duplex rental properties in the area I live in right now. I hope to close on one soon and then vacation rental a up to 6 months after. Not sure if that has any effect. Thanks in advance.

Patrick

[Dustin Turner]

I'm buying my first vacation rental now. We were able to get the 10% down loan. It has to be considered a second home for you, not an investment property. And I think it has to be in another market. Ask a few lenders, they'll know the rules. Hope that helps!