Loan to Use for Expensive Live in Duplex

[Corey Gregg]

Hi, I am looking to buy a duplex in New Orleans, LA for about 400k-700k. I would put down 5% and then pay enough to get to 20% while living there within a year or two, then refinance to get rid of PMI and to cash flow better, when I will move out and rent out both sides. The reason I wouldn't put down 20% now is because I don't have the cash, but will make it soon from my day job, which is stable. I am being told that this may be too expensive for a loan with less than 20%. Is this accurate? Are there loans that would allow me to do this?

Thank you.