5% Down on conventional loan on Multi-family offered?
Hi all! I've been reading a lot of forums on BP and saw many people say that 5% down conventional loans on a owner occupied fourplex is no longer existent. 3 out of 4 lenders I've reached out to also told me the same thing such that the lowest % down is 5% even if owner occupied for a multi-family. However, I spoke to one lender that said I was eligible for 5% down conventional loan OO fourplex because its still considered primary.
I'm feeling really uneasy about this and was hoping I can get some assistance! 3 lenders suggested I go to FHA route if I want little down but this ONE lender is saying I'm good for the conventional. Is this a red flag? I prefer a conventional loan on this fourplex but something isn't feeling right. Is the 5% conventional down on multifamily a rule across the board that all lenders need to follow or is it different for each lender? Please assist!