First Investment Property, Conventional Loan

[Vincent Russo]

Hello All,

I have a place I am about to make an offer on in Baltimore, MD. Over the last few months while shopping for a place, I was told I need to put 20% down since this would not be my primary residence. It is too close to my home to call it a vacation home, so I need to do a conventional investment property loan. Now that the rates are up over 7%, my loan guy is telling me I need to put 25% down, says it is a new rule.  My credit score is over 700 and debt to income is solid. Putting 25% is really squeezing my liquid cash to do anything else with the property after I own it. (It will be a MTR for traveling nurses, so I need to furnish it). What options do I not know about that I could be using here that will allow me to put as little as possible down on this property?