I have a few investment properties and I think they're great. Before you even get to the financing, you want to be clear on what your goals are: How much positive cash flow do you want/need, and can the property, taking into account income and expenses, do that for you? If you have negative cash flow for awhile, are you ok with that? Do you have enough cash on hand to cover repairs, the difference if there's negative cash flow and to pay the mortgage when you don't have a tenant? A lot of this also involves tax consequences, so you'll probably want to get the help of an accountant. If you still want to move forward, you will want to have a "team" to help you. Find a Realtor in the area that you want to buy who understands investment homes; have a good inspector to inspect the property; if you're not managing the property yourself, find a good property manager; and of course, you'll need a good loan officer. You can either go through a loan broker or through a loan officer at a specific company. Although you both have good credit scores, loans for investment property carry higher interest rates and require down payment. With the mortgage market having changes every day, you'll want to find out from a lender what the current interest rate is, the full payment you'll need to make each month, and the amount of down payment you'll need. My personal experience lately is that 5% is too low of a down payment right now, although a lender can better answer that question. Good luck!