Traditional bank financing 20% down on a duplex?

[Bernadeau C.]

Does anyone know of traditional banks that is currently doing 20% down on a duplex?

[Torrell Palmason]

If it is Owner Occupied there are two main options I'd look at, that is FHA and Freddie Mac Home Possible.

FHA on a owner occupied 2-4 units will require 3.5% down with a 580 credit score, most companies have an overlay mine is no exception our minimum score is 620. The downside of the FHA loan is Mortgage insurance for the life of the loan.

Freddie Mac Home Possible 2-4 unit fixed-rate is a minimum of 5% down with a minimum credit score of 660. The Home possible loan has a income cap of 80% of the area median income. According to Home Possible guidelines the borrower may only have ownership interest in in 2 financed residential properties including the subject property. The Home Possible will will require Mortgage insurance until there is 80% Loan-to-Value.

Both of these loans are owner occupied only if you are going non-owner occupied then I'd refer to @David Kelly for his matrix on the Fannie guidelines.

Best of Luck!