5% Down Conventional for Owner-Occupied Duplex in Denver?

[Jared Bandel]

Hello everyone,

I am currently hoping to buy a duplex or triplex in the Denver area within the next 6 months. I was working with a lender who has pre-approved me and told me that I could get a loan on a multifamily for 5% down. I would like to avoid FHA if possible because I will have more than 3.5% to put down, but the lender I was working with told me I'd need at least 15% to get a conventional through her company.

Does anyone know if it's possible to get a 5% down loan on a multifamily for an owner-occupant? I've heard yes and no from various sources. If so, do you have any recommendations for lenders?

Thanks in advance!

Jared

[Greg Pond]

Originally posted by @Jean-francois Ndomb:

Great tip @Jared Bandel, I will be contacting my lender soon. But i am currently buying a 4 unit and looking to occupy one of them and qualifying for an FHA loan. He told me that he can definitely make it happen. But I will inquire about the multi family and see if i can get that instead. That would be great. Thanks for sharing guys, great tips and techniques, that i will be looking to explore. Good luck Jared. @Greg Pond do you put all your cash flow back onto your mortgages until they get to 20% typically and refinance?

 This is my second investment property so keep in mind I'm a newbie as well. I do not put all of the cash flow back into the property. I am a big fan of having cash reserves of about $10-$15k for unforeseen expenses and for future upgrades. Once the bank account for that specific property reaches $10-$15k I will then start to put the cash to work by paying down the mortgage. And, yes we will be refinancing to buy another one.