3-4 plex lenders in Western New York (Buffalo)

[Jamil Barton]

I'm in the Buffalo, NY area and interested in a tri- or quad-plex which I will purchase as a owner-occupied home. I'm looking to identify a lender that will finance for less than 20% down payment. 

My current home (three unit property; a duplex with carriage home) was purchased in 2020 with Hunt Mortgage, who financed with less than 20% down payment. They now require a 25% down payment for properties over two-units. 

Wondering if anyone has identified local lenders accepting less than 20% down payment for 3-4 plex properties that will be owner occupied.

Thanks in advance!

[Erik Estrada]

Quote from @Jamil Barton:

I'm in the Buffalo, NY area and interested in a tri- or quad-plex which I will purchase as a owner-occupied home. I'm looking to identify a lender that will finance for less than 20% down payment. 

My current home (three unit property; a duplex with carriage home) was purchased in 2020 with Hunt Mortgage, who financed with less than 20% down payment. They now require a 25% down payment for properties over two-units. 

Wondering if anyone has identified local lenders accepting less than 20% down payment for 3-4 plex properties that will be owner occupied.

Thanks in advance!

You can buy with 3.5% down with an FHA loan. There is a self sufficiency test as others noted. If you do not need the rents to personally qualify for the loan, you may use all 4 units to pass this test.

Also make sure there isn't any deferred maintenance or heavy repairs needed on the property. FHA appraisals are very strict