Owner Occupy with Lowest Down Payment

[Joseph Micheal]

Hi All, 

Im looking to owner occupy a duplex property and keep as much cash in my pocket as possible. 

I have spoken to a few bank and brokers who have told me its 3.5% for FHA or 15% for conventional.

Are there any products available to pay only 10% and still go conventional? FHA seems like a headache!

If not possible, my other thought is to go the seller assist route.   

Thanks for your thoughts!

-Joey

[John Knisely]

Originally posted by @Joseph Micheal:

I closed an owner occupied duplex in 2018 with 3% down.....

Lending guidelines have changed since then. Freddie Mac used to have a conventional product that was 95 or 97% LTV for 1-4 units. That is probably what you used. I believe around February of 2020 they changed that product to 15% down minimum. FHA 3.5% down is probably your best shot unless you are VA loan eligible. FHA is not that much more trouble unless the property is very banged up (chipping paint, safety hazards etc). I will say it is harder to compete with multiple offers while using FHA on multifamily, but in terms of minimum down payment that's your best bet.