Minimum 15% Down on MFR

[Codi Peterson]

Hi team! I'm new to Bigger Pockets and looking to buy a small MFR here shortly. We found a decent sized duplex in Rigby Idaho for ~180 K and went to put an offer on it, but our lender said that we'd have to put a minimum of 15% down for a conventional loan and that the FHA would never get approved because it needs some minor repairs. We only have about 6% and so it looks like we are going to have to pass on this deal. Is this a common policy that y'all have seen from lenders or is it time to start shopping for a new lender again?

[Don Spafford]

@Codi Peterson I may have another option for you. I'll PM you and send you some info on a lender I use that does portfolio loans so they are more flexible and you only need 10% down with no PMI. Unless you are doing a house hack in which case you can put much less down.