All great answers thus far. Lending guidelines have tightened considerably; as I am sure you are aware. What makes it more difficult is you really want to put 20% down. The reason I say this because with rentals the goal is typically to cash flow them. If you donâ€™t put down 20% you are going to pay Mortgage Insurance and thatâ€™s going to cut into your bottom line. Couple with that interest rates I have been seeing lately for investment properties are upwards of 8%. Another thing to consider is a lot of potential investors are getting stopped at the door because they do not have the required two years landlord experience. With that said, if 20% down is do-able and the landlord experience is there, I know there are still some attractive programs out there to reward you. I would look into an investor like CITI Mortgage. If you would like me to contact their wholesale department for you, I would be happy to assist.
I hope this helps. Great questions and best of luck.