Househacking with 5% down making too much money?

[Chris Roche]

My wife and I are beginning to look at Multifamily homes to house hack.  We would like to put down somewhere around 5%.  We live in the Greater Boston area so 5% will be somewhere between 20-30k.  I was told by someone that if we make combined more than $128k we need to put down a minimum of 15%?   

Does anyone know if this is true?  Is there anyway around this?  We are very close to making more than 128k, but nowhere close to having 15% down.  I talk in terms of Gross Salary, of course with write-offs and deductions we claim/make less.  What number do lenders use to come up with salary?  I ask because if we need 15% down, we are going to have to buy quickly before we get raises or I make more money on the side.

My second question is: Once we have that first MFR, what is the best way to finance a second MFR? Is it to save up and use a line of equity for the downpayment? House hack again? (not sure how much longer we will be under the 128k limit. I want to get the ball rolling and start buying properties, just seems like there is no quick way to do it. If we bought one MFR and saved up for a second it could take years to get 25% down.

Any help would be appreciated!