Mortgage Question / Guidance / Advice
I have my first real estate deal under contract in Chicago and running into some hurdles securing a mortgage. It is a 3 units building and I will be living in one of the units. My broker has told me that I will be required to put 25% down and also also show proof of a 12 month mortgage reserve. This was a surprise to me but want to ask the community if this sounds correct.
My broker has been extremely helpful, I'm just not sure how much experience they have with 3-units properties. I am looking for advice from experienced mortgage professionals and experienced investors who have closed on 3-unit properties in Chicago with a conventional mortgage.
Thanks everyone.