Required money down on income properties?
I'm meeting with a couple of mortgage brokers next week, but a friend of mine mentioned that the mortgage companies are no longer offering 100% financing on income properties. He could just be blowing smoke in my face to distract me from my goal of financial independence, but I thought I'd throw this out to the forum.
Has anyone else encountered this lately? He claimed it is part of the fallout of the subprime mess. If so, what kind of percent down are you all seeing? My wife and I were planning on funding an emergency fund to cover unexpected maintenance and vacancies, but were hoping to keep that money and finance the property with a 100% or 95% loan.