I've now used it twice.The program requires 10% down, must be a rental, no PMI, and has a very high standard of credit.Last I did it (Summer 2022), my rate landed in the low 5%.  

NOI divided by purchase price gives you cap rate. 

@Chinku Chinku the rich get rich by making their money work for them.They borrow at one rate, to invest in something that returns a higher rate - they profit on the difference.Only you can evaluate your risk tolerence though.

I am a resident physician in dermatology, during  medical school I bought a property in Denver with an Interest rate of 2.75% (COVID rates lol) with the goals of renting it out when I moved onto the residency.

- Dont be fooled by rising prices - they may be lagging the rest of the area for a reason!

@Robin Simon I completed a refinance with my credit union at terms of 3/30/75 @6.85% I will have the renwal in 2026 and hoping rates come down a little by then.

2) If you do owner-occupied cashout refi for best rate, you technically have to live in the home for 12 months before renting it out. * Some responders here may suggest not worrying about that and renting it out anyways.

I know of at least two big players in the lending space who have begun asking for a higher rate if you had in a sec 8 / HAP leases.

You can also expect increasing HOA fees, and there may be some problems renting a property inside a difficult.You don't have any experience, prices are at an all-time high, and rates are also high. 

That will most probably be offset by an increase in new mortgage costs and increased rates.