How to buy investment property as a first property purchase

[Katherine D McCoy]

Hi! I've saved a solid 20% down payment with the plan of purchasing a duplex, intending to rent for additional income. Trouble is, I'm being told by local bank morgage officers that since we have never owned a property before and will not be owner occupying, we cannot get a loan.

Is this true, or is there a way around this? I understand FHA requires owner occupancy but I thought a traditional loan would be an option. We have awesome credit and 20% ready to go. We are not interested in moving our family (our home is provided by my husband's employer and is in a better area than we could afford and larger than the duplex I have in mind to buy).

In browsing this forum, it seems others have succeeded where I'm hitting a brick way. What my first step? Thanks for any advice.