Owner Occupant Duplex Financing Suggestions and Help

[Anthony P.]

Hi,

I have a contract on a Owner/Occupant Duplex that I am really excited about. However, after being pre-approved for the loan amount, my mortgage broker called me back and mentioned that because it's a duplex and not a single family, I'll need 15%, rather than 5% down, or have to turn FHA with dreaded mortgage insurance and fees. I have ~10% in my savings account, and was ready to spend 5%, and invest 5% in repairs/cushion.

What's the deal with financing a Duplex, and any suggestions for good options? I'd really love to find something by the end of the week and not loose my contract on this beautiful place.

Thanks,

Anthony