Are you thinking of taking advantage of the decline in the market to purchase an investment property? Well, thanks to some upcoming changes by two of the country’s largest private mortgage companies, you’ll have to have a higher down payment.

MGIC and PMI Group will soon be requiring a minimum of a 10% down payment on an investor owned 1-4 family property. In some areas that they consider more risky (which include Norfolk and Suffolk Counties here in the Boston area) the minimum down payment will be 15%.