Since you won't occupy the home, lenders treat this as an investment-property purchase from day one, even though it's your first property. That sets the ground rules: - Down payment: plan on 15 percent minimum for a one-unit (single-family) investment purchase under conventional guidelines. - Rate: expect somewhat higher pricing than an owner-occupied loan carries. - The old second-home workaround is largely gone. Second homes used to price close to primary residences, but agency pricing changes in 2022 pushed second-home costs much closer to investment-property territory (investment pricing still runs somewhat higher). Don't count on that discount, and be honest on occupancy either way. A loan designation has to match how you'll actually use the home. The good news: this is very doable, and nothing about not yet owning a primary residence blocks you from buying an investment property first. Lenders will typically let a portion of the projected market rent help you qualify, and you'll want reserves set aside beyond the down payment. Buy on numbers that pencil as a rental for the years before you move in, since nobody can promise appreciation. We're glad to run your exact down payment, rate, and qualifying picture in the free Roadmap conversation, about 20 minutes, so you know where you stand before you shop.