As lenders, we all essentially adhere to the same guidelines.
Deposits are the same.
As far as qualifying, the max for a rental is 90% loan to value (10% down payment).
PMI is required on loans above 80% loan to value.
Conventional financing offers you the best rate.
You will need a 660 minimum Fico score.
Also if you are putting down less than 30% then the lender cannot use any of the rental income (on the new property if you had a tenant for example). You would have to qualify based on your income and your debts and with the new mortgage as well on the investment property.
Homepath is another good option. Same Fico and down payment requirements; however there is no appraisal nor mortgage insurance on the homepath product. Rates are higher because of this. Typically .50-.75% higher in actual rate than conforming 30 year fixed rate loans.
However, once you factor in not having mortgage insurance and given the fact that you cannot deduct mortgage insurance from your taxes, typically the homepath pencils out quite nice.
For more information on how to qualify, simply give me a call at 916-813-4003.