Is 20% down on multi family possible owner occupied

[Zachary P.]

Hi all, I am having trouble finding a mortgage lender in California that will give me a loan for owner occupied multi family less than 4 units. Any suggestions on lender who will offer this?

[Bill Gulley]

As others have done, they call the lender asking for a loan on a multi-family, 1-4 family is not multi-family, they are single family attached or detached (1 unit) dwellings. 

If it is to be owner occupied, as your residence, you can then qualify for any standard mortgage 95, 90, 80, 75 or less LTV, FHA at 98% and VA 100%, subject to your qualifying.

Usually the issue is attached dwellings is the appraisal being based on the market for such loans and comps must be found of similar sales. If you don't have 3 other 4 plexes as recent sales you can have an issue.....some of that can be adjusted but comps must be similar. :)