Buying a 2 family in NYC with a low down payment

[Luis Rodriguez]

So my wife & I were looking to move to Long Island because we thought anything in NYC where we wanted to live was too expensive for us. We ended up finding a 2 family property where the numbers work. We have great credit,good income, no debt, but a low down payment. I know an FHA loan is a great loan to get you in the door, but the bank told us there would be an extra $10K to use the FHA loan and then refinancing down the road would cost another $10K. The bank also told us we need 10% down for a conventional loan for a 2 family. The most we can do is 5%.

Is it true you have to put 10% down on a conventional loan for a 2 family property ?

Any advice to avoid an FHA loan ?