Second Mortgage for Rental Property?

[Lucas Hammer]

So I'm looking to buy a house out of town and was hoping to use a second-home loan to get a lower than 20% down payment. We'd also like to rent it out with a property manager for the first year while it builds up equity, but it's in a city that my entire family lives in, so long-term we'd want to use it as our own second house.

Does anyone know if a second-home mortgage requires you to occupy the property a certain amount of time each year or if there's another way to get a property out of state without a 20% down payment? It's a single-family home I'm looking into.