What do lenders usually require for a down payment?

[Colleen Prescott]

I’m curious to know what lenders usually require for a down payment on multi family properties? Is it usually 20% down with a certain amount in the bank in case renters are not immediately found? Also, do loans differ depending on the size of the property? Like is a duplex loan going to fall under the same category as a quadplex or a 5+ unit property?

[Tommy Ishida]

@Colleen Prescott, lenders for single family (1-4 units) will be different than lenders for multi family (5+ units). You can go as little as 3.5% down on 1-4 units but most multifamily will require you to put 20-25% down as well as having 3-6 months of PITI reserves