Income property mortgages... (loan, loan, more expensive, payment)

[wankel7]

I was thinking about trying to find a 50-60K condo for an income property.

From what I understand you need 20% down payment and the rates are about 1% higher than a loan for a primary residence?

Are closing costs any different?

Just curious if those are the basic differences between an income property mortgage and primary residence mortgage?

[Daddys///M3]

25% down will get you a better rate. Closing costs should be very similar although the appraisal will require a rent schedule so it will be a little more expensive. Rates depend on a lot of factors, but for very solid scenarios you will see about a 1% difference.