Investor Down Payments and Rates for Multiple Mortgages
I've been browsing for a while to try to figure out what are typical down payment and interest rates for loans as you increase the number of loans in your portfolio and I still can't get a good grasp on it. These limits wouldn't affect me for a while, but I'm trying to plan things out and I can't tell just how much worse mortgage terms get as you increase the number of mortgages
Here is my understanding so far (based on single family home terms),
Your primary residence does not count for these investor limits (True or false?).
1-4 properties: Down payment of 20%, rates are 0.5% to 1% higher than for owner occupied (is this roughly correct?)
5-6 properties: I see some people say 20% down, some people say 25% down. It sounds like the interest rate gets even higher. Also here you have to show 6 months PITI, credit score above 720, maybe some other criteria (I'm starting to get confused)
7-10 properties: Here, my confusion increases substantially.
Can people who know better than me, please help me figure out what the correct guidelines are? If I can fill in all the blanks I'll write it up really nicely so others can reference.
Is this even the correct breakdown for where rules change? Or should the categories be something like: 1-4, 5-6, 7-8, 9-10? Or 1-4, 5-10?
Thanks!