Any other options besides 20% down?

[Ken Dillard]

We are about to finance a short term rental property in Tennessee and a mortgage company I am working with says if we are going to rent it out the max loan to value is 80% so 20% down.  If we are not going to rent then we can call it a second home and go 10% down.

Are those my only options for an individual mortgage?  Thank for any options.

[Steven Gillmer]

If it is going to be an investment property and you are going with a conventional loan, you are most likely going to need 20% down. You may find a local bank willing to do 15%, but that would probably be as low as you could find. You could always go with a private lender and may be able to negotiate a lower DP, but you will pay for it with a higher interest rate.