House Hack Down Payment

[Cody O'Connor]

Hi Everyone - I am looking to do my first house hack in New Jersey. I want to purchase a multifamily unit that has one 3/3 and one 3/2. My understanding is that I would be able to do this with 5% down, but I just got off the phone with a lender who told me that I needed to put down 15%-20% minimum. Can anyone confirm if this is correct?

Additionally, would I be able to use projected rental income to help qualify? 

Thanks! 

[Yinka Taiwo]

@Shawn Mcenteer which lender is that, if you don't mind sharing? My lender is saying 15%