The question is open to other opinions because you can fund a second home under Fannie Mae, Freddie Mac, Non/QM, Portfolio, Private capital. 

A record number of consumers surveyed by Fannie Mae say they expect mortgage rates to keep falling over the next 12 months — a “significant shift” in consumer expectations that could free many homeowners from the mortgage “lock-in effect” and boost the supply of for-sale listings in 2024.More than eight in 10 Americans (83 percent) still think it’s a bad time to buy a home, Fannie Mae’s latest National Housing Survey found.

@Denis Ponder if you are looking to get a conventional loan, here are the Fannie Mae guidelines.

Darius,If you want the most bang for your buck I would try to find a fannie mae homepath property in Sacramento county.

According to Fannie Mae, in a 2-4 unit condo association, there is an exemption from the Project Review process as well as no limitation on the number of units any one owner may control.

Here are the eligibility requirements:Fannie Mae: What are the requirements for a delayed financing exception?

Percent DownAppreciation Needed to Reach 80 LTVHome needs to be worth this much3.50%20.63%$603,125.005.00%18.75%$593,750.0010.00%12.50%$562,500.0015.00%6.25%$531,250.00Also, when you refinance now, there is a decent chance of getting an appraisal waiver from Fannie Mae or Freddie Mac. 

This might take a few minutes for me to explain but I hope this lengthy of a response will help  you in finding the right lender for you.Investment property lending has 2 main types of loans:  "Conventional" and "Portfolio"Conventional - I want you to think of this loan type of Fannie Mae and Freddie Mac (if you recognize those names).  

My mortgage options are FHA, NACA or a MassHousing (Fannie Mae in MA) Loan.

This would be a commercial loan, so no FHA programs. if the property were larger / more expensive, you might qualify for agency debt from Fannie Mae or Freddie Mac loan programs.