Today we are going to talk about another mortgage myth. Mortgage myth number two is that you need a 20% down payment to buy a second property. That is not always the case. If you're buying a second property for your family to live in, you can actually buy that home with as little as 5% down.

Don't get fooled by these common mortgage myths. Only first time home buyers can buy a property with as little as 5% down. That is incorrect. Anybody can buy a property with as little as 5% down. Whether it's your first home or your 10th home, as long as it's your primary residence and you plan to occupy the property, or if it's a second home that you're purchasing for your family to occupy.