Low Down Payment Options

[Philip Olivier]

I recently purchased a duplex and went with the owner occupant route to take advantage of the low down payment option. its been 6 months now and everything going well so far. The property immediately appraised for higher than what I purchased for so I was able to get a $20,000 heloc against the property. My plan was to use this heloc as a down payment on a $300-$400k four plex once my year owner occupant requirement is up. This was obviously contingent on a low down payment option. My banker just informed me that there is a new rule with these programs and since I already own a property I will not be able to take advantage of a low down payment option for a multi family home but I can for a single family home. Im in louisiana so not sure if this is a specific rule for this state. Thanks