No. An investment mortgage is regular. If it is not owner occupied it is an investment, pretty simple to understand.Can you buy investment property using a first time home buyer type mortgage?
The best part about a bad credit home loan is that it provides a good opportunity to people who have a poor credit score and makes it possible for them to secure loans and own a house. By making regular payments on time, your credit score can improve which can even help you to choose refinancing schemes with lower monthly repayments. However, on the downside if you have a bad credit rating, you may be required to pay a higher rate of interest as compared to people who have excellent credit ratings.
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If you have poor credit, the amount of money which is to be repaid every month also increases which can put increasing burden on you as a borrower. As a result, a home buyer with poor credit may have to opt for a cheaper and affordable home to reduce the debt burden and sacrifice his or her personal desire of owning a lavish and expensive home.
Investment properties usually require more like 25% down, and you are right the interest rate is usually a bit higher.
There isn't really any ';first time home buyer type mortgages';. Maybe you are thinking about the first time home buyer tax credit? But that cannot be used for investment property.
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Generally not, most of them have some sort of clause about having to live in the house that is being purchased, some set a minimum period like 12 months, some won't allow you to rent it out ever while it is mortgaged by them.
the 20% down also reduces insurance cost
say you intend to live in the house
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