Need advice on financing options

[Kang Thao]

So we have been in the Twin cities market looking for our first mulifamily property (preferably 4plex) to purchase with the plan to use FHA financing. One main problem we are having is that many seller's terms don't include FHA so we were wondering if there are any lenders out there that offer smaller than 15-20% down payment conventional loans.

We have our current house that we will rent out once we find that multifamily to purchase and then owner occupy using FHA with 3.5% down. Otherwise we would consider using conventional to purchase if any lenders would accept 5-10% for multifamily.

Any insight would be very much appreciated. Thanks.

Kang and Jerry

[Eric Wong]

I just looked up ideal credit union in your area shows a low down payment I would go in there and talk to them to see if there are any stipulations.