Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Private Lending & Conventional Mortgage Advice
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 5 years ago on . Most recent reply

User Stats

20
Posts
9
Votes
Jared Bandel
  • Developer
  • Denver, CO
9
Votes |
20
Posts

5% Down Conventional for Owner-Occupied Duplex in Denver?

Jared Bandel
  • Developer
  • Denver, CO
Posted

Hello everyone,

I am currently hoping to buy a duplex or triplex in the Denver area within the next 6 months. I was working with a lender who has pre-approved me and told me that I could get a loan on a multifamily for 5% down. I would like to avoid FHA if possible because I will have more than 3.5% to put down, but the lender I was working with told me I'd need at least 15% to get a conventional through her company.

Does anyone know if it's possible to get a 5% down loan on a multifamily for an owner-occupant? I've heard yes and no from various sources. If so, do you have any recommendations for lenders?

Thanks in advance!

Jared

Most Popular Reply

User Stats

36
Posts
13
Votes
Greg Pond
  • Real Estate Broker
  • Denver, CO
13
Votes |
36
Posts
Greg Pond
  • Real Estate Broker
  • Denver, CO
Replied
Originally posted by @Jean-francois Ndomb:

Great tip @Jared Bandel, I will be contacting my lender soon. But i am currently buying a 4 unit and looking to occupy one of them and qualifying for an FHA loan. He told me that he can definitely make it happen. But I will inquire about the multi family and see if i can get that instead. That would be great. Thanks for sharing guys, great tips and techniques, that i will be looking to explore. Good luck Jared. @Greg Pond do you put all your cash flow back onto your mortgages until they get to 20% typically and refinance?

 This is my second investment property so keep in mind I'm a newbie as well. I do not put all of the cash flow back into the property. I am a big fan of having cash reserves of about $10-$15k for unforeseen expenses and for future upgrades. Once the bank account for that specific property reaches $10-$15k I will then start to put the cash to work by paying down the mortgage. And, yes we will be refinancing to buy another one.

Loading replies...