Loan terms for a STR property if I don't own a primary residence?

[Ben Morrow]

Hello BP,

What kind of loan would a lender offer someone if they didn't have a primary residence or primary mortgage (say for instance they rent or live in a house that has an "in-law" suite) but they want to purchase a STR property with the purposes on making income and staying there a couple of times per year? Just trying to determine how much money down a lender would require in this scenario. Thanks!!

[Julie McCoy]

Talk to a lender, but in a nutshell, they don't care if you own a primary or not.  I owned a "second" home and several investment properties before I ever purchased a primary.  They will want to know your lease payment to count it as part of your living expenses, but owning a "first" home is not a prerequisite to owning a "second" home.