Requirements for 95 Conventional Mortgage

[Mary Baccellieri]

Is anyone aware of the requirements for most lenders for 95 conventional mortgages (5% down payment)? I know not all lenders are equal and have different rules but just wanted to get a general idea.

I have an FHA mortgage on a fourplex (currently live in it also) but now I'm looking to buy a duplex or triplex to live in (while keeping my fourplex and renting out the apartment I live in now). I spoke with one lender so far and they told me I would have to put at least 10% down.

***[I want to be able to get a 95 loan without having to refinance my current mortgage into a conventional- not enough equity in the house to get rid of PMI so I would rather wait it out]