5.375% Interest for Conventional loan on Investment Property??
Hello All,
I'm in the process in buying a second home for the purpose of renting out. I plan on going with a conventional loan at 20% down, the loan officer I'm working with has me pre-qualified and has the interest rate at 5.375% (not locked in). I was told by him the only way to get the interest rate down would be to put down a bigger down payment.
Is 5.375% normal interest rate for an investment property?
Would there be any other way to bring it down, besides a bigger down payment?
I'm located in Virginia and my credit score averaged at 790.
Any help would be much appreciated!
Thanks!
Tom