Purchasing quad with conventional loan

[Omar Diaz]

Hey BP community, I'm a first time home buyer that is trying to purchase a quad with a conventional loan. My question is: do I need a 25% Downpayment on a Quad in North Carolina if I intend to occupy one unit and rent out the 3 other units? My loan officer informed me that I need 25% dp and 6 months worth of expenses as opposed to my initial plan of putting 5% down however I have read otherwise. I did inform her that I will be renting out other units if that makes a difference

[Tyler Watts]

Every bank is different and every loan is different. Shop around to local banks and tell them your story and they'll tell you what they can do. Dress up, walk in and start selling your deal to the bank!