Is there a limit on the number of 10% downpayments?
I ask this question because I own a second home (not a rental property), owned for 6 years. I'm in process of my first STR purchase on a property approx 90 miles away from the 2nd home and 77 miles from primary residence. I heard somewhere along the way that there's limitations on the number of 10% down payment home purchases one can have. True or false?
Is there anything (IRS, FHA, etc) preventing me from purchasing another home with 10% down? I'd use the property at least 14 days throughout the calendar year which I think is the minimum required usage to be considered a second home.
Reason for 10% down is to have as little cash out of pocket as possible for next home purchase. Thx.
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Wayne Wisneski
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Is there a limit on the number of 10% downpayments?
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