I need some advice

[Lyndi N.]

I'm looking at buying a 4-plex in my area.  The asking price is $60,000 but it has been poorly managed and is only half occupied.  I want to offer $50,000 after I arrange for a building inspection.  

I've been shopping around for a mortgage.  I have $10,000 that I can put down.  One lender told me that the down payment would be $12,000 and they only do a 5 year mortgage, then it is refinanced.  

Another told me this morning that they required 40% down.  Ugh!

Should I call others banks?  Should I skip the banks and try a different financial institution?