Down Payment For FHA Loans

[Colby Zeller]

Hello BP, I am writing this today to ask a question about the lender Im currently working with. Im amid the pre-qualification process at a local bank, and heard back that the lowest down payment they offer for a primary residence loan on a small multi-family property is 15%. Throughout my research, Most sources have told me if I am planning on using a FHA loan, I should be able to get a down payment of as low as 3.5 %. Does the home have to be a single family home to get that low of a down payment ? Does it differ with small multi-family ? Any with information on the topic would be a great help thanks !

[Derek Brickley]

Hey Colby, as long as it's your primary there is no guideline saying 15% down is needed. As mentioned 3.5% FHA or conventional 5% down. I used the 5% down conventional last year for my first multifamily, so feel free to reach out if you have any questions on that.