Minimum Down Payment for Duplex

[Michael Campbell]

I'm in the process of buying my first house, which is a duplex. I just had my offer accepted and now I'm trying to work out the financing. I spoke with my mortgage advisor today and he says that with a duplex and a conventional loan, I will be required to put at least 15% down, which changes things pretty significantly for me. I made the offer assuming I could do conventional financing with 5% down. I looked at an FHA loan, but the monthly payments will be higher than I'd like. Has anyone else encountered this issue?