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You would have to live there first and then rent it out after a certain period, but when your initial intention is to rent, you have to get an investor mortgage. When I refied my primary residence this summer, I had to sign a paper stating that I did not intend to rent for at least 12 months. If you sign such a document knowing you are going into this with the intent to rent, that is fraud.

Investor rates are about a half point higher, and will probably require 20-25% down for a decent rate. That at least has been my experience. Perhaps some of the mortgage brokers on board can give you a more full view.

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