Need 20% Down For Second House Hack?..

[Art Maydan]

I bought a duplex with 5% down conventional to house hack 8 months ago and I’m starting to look for another multi-unit to do the same with in a few months. I asked my lender how low a down payment he’s offering on conventional owner-occupied multis right now and he said 20% since I already own a multi. Is that accurate or do I need a new lender?

[Andrew Postell]

@Art Maydan a lot of lenders have been buckling down on this type of thing lately. If you are buying another primary home within 12 months of buying your last primary home they will want a good explanation....as in your job transferred you somewhere that would require you to move outside of the commuting time for your previous primary home. Is it possible for you to wait a few more months to buy your next home? Also, a 5% down duplex loan sounds like a portfolio loan. You could do 5% down on a duplex with a FHA loan. Are you sure it wasn't one of those loan types?