Down payment for newbie

[David Goldberg]

I was speaking to my loan officer from the state of Massachusetts, and he was telling me my only options when it comes to buying a multi family investment property is, either 3.5% FHA or 20% down nothing in between. Is this true?

[Billy Abildgaard]

You can always put down less than 20%, but then you'd be subject to PMI, which most people try to avoid.

If you buy a place that needs work you can always put down less than 20%, renovate, and then refinance with your higher appraised value to get rid of the PMI.