Everyone has this about covered. I just want to add one thing.
DO NOT COMMIT MORTGAGE FRAUD......DO NOT COMMIT MORTGAGE FRAUD
With all respect to Jody Jones, if you think it is wrong, it is wrong.
Things like this has the market the way it is.
If you need rate quote or additional information please let me know or check out my website
I would not apply for a owner occupied loan and have plans to change my mind; and turn it into a rental as may have been suggested in a previous answer. There is a signifcant emphasis; to make an effort to
insure that compliance to loan specifications are being followed. These (slick willy) tactics are an example as to the Mortgage problems facing the Country.
The down payment requirement will vary significantly. FHA insured loans require just 3% down but are available on owner-occupied dweliings only. The minimum down payment for a home to rent out (ie investment property) is 10%... and many banks require as much as 25% down due to the higher risk of default.
You must decide if you will occupy the dwelling or rent it out at time of application. It would be wise to consult a Realtor first to become expert in the local rent market. Renting out a home is exactly like running your won business, and a good Realtor can help you with rent pricing, property valuation, market demand, etc.
Century 21 Landmark Realty
The rates are not going to be a lot higher, but they will be slightly higher. I wouldn't let the rate prevent you from buying an inverstment property right now! The rates are great and the market is set right for people to get into rental property!!
F.C.Tucker Emge REALTORS