5% down on investment properties?

[Amanda Larson]

I read that there are new mortgage lending programs that allow first-time homebuyers to put as little as 3-5% down with a conventional, conforming loan. For high-cost areas like Orange County, CA, the limit for a 4-unit is $1.2M. However, it's my understanding that a conventional conforming loan you do not need to live in one of the units (where FHA does have an owner-occupied requirement). I'm not opposed to living in one of the units if I buy locally, but I wanted to clarify whether that's the case. Is it possible to get financing for an investment property with as little as 5% down without living in it?

If it matters, I have excellent credit, 6 months reserves, proof of long-term employment, low DTI.

I know that I need to meet with a direct lender in my area. Any suggestions or recommendations as to where I can find one are appreciated! 

Thanks in advance for your advice!