Short Term Rental Lending Options

[Corey Gajda]

We are looking to purchase a property to use as a short term rental. We already have one exiting mortgage on our primary residence and have great credit scores. I have read that you can get vacation home loans for between 3-10% down (we realize there will be PMI and we would have to occupy the property for a portion of the year), but are having difficulty getting more information on options. Our mortgage broker did not seem familiar with low down payment vacation home options and suggested there had been changes to laws to not allow those loans anymore. Do these options still exist? Any help is appreciated!!