Steamboats second home investment properties are continuing to cause lending issues. The average buyer wants to put down 20% or less. To do this, the loan must be government backed (Fannie Mae); institutional investors giving loans require 25% down. Many properties have at least one of two things preventing them from qualifying for 20% down payments. They are the percentage of owner occupants, and the number of people late with their hoa dues. Your broker needs to research properties by contacting the property management company and asking the right questions before writing an offer. It’s dragging some values down in specific properties.