Down payment with a 203k loan

[Randy Difani]

Hello and good day! My wife and I are looking to purchase our second multi-family. We believe we found a good deal on a four family however it needs some renovations, so we were planning on doing a FHA 203K loan. Our lender told us that we would have to put 25% down since the property would be income-producing.

Has anyone had experience with this situation? 

Thanks,

Randy

[Melvin List]

@Randy Difani not if you are going to live in it