Conventional Mortgage 20% Down

[Keith John]

I contacted my bank to have them begin a preapproval for a conventional loan. I told them that I was going to keep my current home and buy a duplex as an investment property. I was informed that the MIP/PMI companies would not provide mortgage insurance on an investment property, so I would have to put down 20%. Is this correct? I'm certain other investors from BP have put down as little as 3.5%.