I came across a sfh with mother in law suite. I'm thinking of getting a conventional loan on it. Would the property fall under the multi family category in which I would have to put down 15% on a conventional loan instead of 3%?
Hi Rafael! As long as it's 4 units or less, you'll be able to qualify for traditional funding. Commercial funding will only be required if you're purchasing 5 units or more. Typically on a traditionally funded property that you won't be living in will need a minimum of 5% down, though depending on the lender it may be more. The main thing will be to shop for lenders that provide the pricing you need!