Financing my first Duplex

[Dave Condict]

Hi there! I've had my eye on a fully occupied duplex near my work for the past few weeks. After running all the numbers several times, I decided to make a move on it. I talked to the mortgage broker who I used to purchase my home two years ago and he said that any loan amount below $75k would be a loss to him and the difference would come out if his own paycheck. He recommended a loan officer at a regional bank where I happen to do all my banking. I went in and talked to him today and he said that I would need 25% down and 6 months of reserves for the duplex AND my own home! Now I have the 25%, but PITI for 6 months on two properties would take at least 6-8 more months of saving and I hate to put off getting started for that much longer! Oh and he also quoted me over 5.5% APR which seemed high, but not sure. I've got excellent credit btw. So I'd love to hear any advice or tips for me. With excellent credit and 25% down should it be pretty easy to get financing with a better rate if I try a several more banks? Or, should I just suck it up, buckle down, and save for most all of 2014?