20% Down on 4 unit (Quad)?

[David White]

Hi all,

I am looking to purchase a 4 plex and was looking into down payment options. Is there anyway (apart from owner financing) to put 20% down as opposed to 25%, and not have to live in the property like with a FHA loan?

[Michael King]

Originally posted by @David White:

@Michael King This is encouraging to hear. Was this a 30 year fixed term?

Yes it was a 30 year term. I didn't have the full 20% down; I only had 10% so they gave me a $100K line of credit on one of my rentals which is owned free and clear; I used $40K of that, put my $40 in and they funded the other $240k. If you have 20% you should have no problem getting the loan. I think your bank is telling you to try another bank.