Low down payment for part time occupancy

[Daniel Hartless]

Hey everyone!

I currently rent in Nevada and am looking to buy a house or condo where my wife will be staying 1 week per month for school. The rest of the time I would rent it out as a STR. What are lower down payment options for this situation?

Thanks for the help!

[Patrick Roberts]

This would be a second home under your proposed scenario unless you or your wife plan to occupy it permanently as primary home. You're looking at a minimum of 10% down for Conventional and most nonQM options. That being said, 20% down would be ideal to make the rate and pricing reasonable.