New Rule for Mortgages on Duplexes/MFH

[Andrew Meyer]

I am in the process of making an offer on a duplex, so I have been getting approved for the mortgage from several enders. Initially, I was told the normal 5% min for 30 loan, but after talking with a local lender whom said that new FMFM rules now require a 15% downpayment for duplex and I assume and 2-4 unit MFHs. So far I've contacted several different lenders and 1/2 of them initially said 5%, but later after confirming what the local one said, that it would be the new 15% min.

So, rules for MFH of <4 units has changed, and generally will require a min of 15% down payment regardless it seems.