Fannie Mae and 20% down rule

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I'm finding with my lender that they don't want to lend me with less than 20% in the property, even if the numbers look good. Why is that? They say it's Fannie May rules. How do I skirt that? i asked them about PMI, they say for investment houses it's not done. I don't want to expend that much because then I won't be able to buy more properties. I like the idea of using a mainstream lender. 20% is a lot and means I can't keep buying properties.