Financing an As-Is Property

[Ronald Enriquez]

I plan to start my real estate investment strategy with house hacking my first property. I want to purchase a 4-unit property. I am speaking to several lenders right now. One lender mentioned I qualify for a 5% down conventional loan for multi-unit. I plan to speak to him tomorrow. Another lender said I qualify for a FHA loan with 3.5% down. When attempting to pursue a 4-plex the property is listed "as-is" which I was told cannot be funded by FHA and I would need 25% down for the 4-plex.

Does it depend on the lender in order for me to qualify for a 5% down conventional loan on an as-is property? If not, do I have an other options besides putting 20-25% down?

Also to note, all 4 units of the 4-plex are occupied by tenants on current leases.