Financing first rental

[Jasmine G.]

I am looking to purchase my first rental property. I currently own my primary residence where I am responsible for the mortgage. My husband on the other hand is not tied to the mortgage and has the ability to obtain a conventional l

loan as a first time homebuyer. However, we’d like to purchase the next property as a single-family or single-family townhome. I’m struggling to find ways to find low money down with average interest rates to purchase the rental home. When I speak to finance institutions, I am only offered non-conventional loans for investment properties which require high down payments and significantly higher interest rates. Right now the market isn’t that great but I could see us looking to purchase a multifamily duplex however, in the current market, I’m finding it difficult to be able to have one tenant cover the cost for that property to break even.