I really want to purchase a condo and rent it out to tenants for some extra cash flow here in Queens, NY.
I contacted a mortgage loan officer and he told me that I HAVE to put 20% down if I decide not to live in it and rent it out to tenants. If I put, say, 5% (or anything < 20%) down - then he said I have to live there for 1 year before renting out. Is this true? I've looked it up but I see that this rule applies to FHA loans, not a conventional loan which's what I want to take out.
Thanks for reading :)