Looking to Purchase my third property, Loan advice needed
I just got off the phone with my mortgage provider. I am looking to purchase my third property, a 4 unit building that is adjacent to the one that I currently own. I was hoping to get around the need for a 25% down payment by getting an owner occupied loan, but after speaking with the mortgage provider, I was informed that the maximum 75% LTV applies whether the property is owner occupied or not. If I had 25% as a down payment, why would I waste my time going the owner occupied route?
Anyway, she suggested an FHA loan, but I already have one on my current property and am not able to get another.
So basically I am stuck as of right now. I have enough cash to put down 10-15%, but not nearly enough for 25%. I was wondering if there was any way around this to be able to purchase another multi-family without having to have a huge down payment? Perhaps smaller banks?