Investor · Sioux Falls, SD · Member since 2015 · 59 posts · 20 votes
Does anyone know of a local lender that will actually allow the 3-5% down for an owner occupied multi family property. I've yet to find anyone that will go under 15% on 2 units or below 20-25% on 3-4. I hate listening to the podcast hearing people actually get this and it's nowhere to be found in our area. If you have found it please let me know!
I would check in with Cross Country Mortgage. As long as you are using an FHA loan the down-payment is 3.5%. If you qualify for first time home buyer, the down-payment is half a percent with a silent loan covering the remaining 3%. The silent loan doesn't accrue interest, it just gets paid when you sell. I got into a duplex for half a percent down so I know it works here.