There is no requirement that is different because it is out of state.
As long as you can qualify for an investment property loan, there are higher limits for conforming amounts on 2,3 and 4 units. 1 unit is $417,00, 2 units is $533,850, 3 units is $645,300 and 4 units is $801,950.
You can still get stated income/stated asset loans with a credit score above 680 on 1 or 2 units, with 25% down.
Full Doc you can go to 90% on 1-2 units (10% down) or 75% on 3-4 units (25% down)
Full Doc, Score above 680, with at least 25% down will get you the best rates, about 6.375%-6.50% today on 1 or 2 unit investment property. 30 YR Fixed P&I OR around 6% for a 5 YR interest only.
If buying in a vacation area, you can get better rates if buying a “2nd home” rather than a rental.
When figuring net rental income, lenders only credit you with 75% to allow for vacancy and maintenance, plus taxes and ins, etc for qualifying.
When buying a 2nd home, there is no rental income to use, just taxes and ins. so it’s a bit harder to qualify, but does get you better rates. 20% down= 6.25% 30 YR Fixed OR 5.75% 5 YR i/o
