First house as investment property, what are my options ?
I am looking for an investment property where I can give individual rooms to student or single working professionals. I found a place which is suits exactly my requirement. Now coming to finance part, what are my option ? I talked to mortgage guy and he says you can not buy this as your primary residence if you are not going to live there, and it consider as investment property where min. down payment is 15% and Interest rate would be very high ( around 5.25%). Currently I don't own any home. What are my options ? How can I lower my down payment and interest rate.
I don't want to get into legal trouble by doing any mortgage fraud or anything.