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Emerson Hazell
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Bank FHA requiring 25% down

Emerson Hazell
  • New to Real Estate
Posted Aug 18 2019, 13:59

Hello,

So I have been planning on purchasing my first property ever. My plan has been to buy a duplex or a triplex, be an owner occupant in one of the units, and put 3.5% down. Thinking this is very common with many banks I was hopeful. Iv come to find most of the banks I have talked to will require me to put down 25% regardless of occupancy, saying it's a new rule ALL banks are using. Has anyone els run in to this recently?

Thanks,

Emerson

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