Limits on lending for multifamily - must purchase within 100 miles of my residence??

[Annette Barnett]

Hey community,

I spoke to a lender yesterday and didn't totally understand what he meant.   He asked me what I currently own, which is a single family home, a duplex and a condo.  He said something about not being able to qualify for a multi-family loan because I don't already own a property with 5 or more units?  and that I would only be able to qualify for a property within 100 miles of my current residence?  Confused and don't totally understand this.  Would love your help.