Conventional Loan for "Residential" Property

[John Olsen]

Hello everyone,  I plan on house hacking a duplex.  My private mortgage lender is allowing me to use a conventional load with as little as 5% down.  Now, I believe, he is only allowing me to put only 5% down because I plan on living in the duplex which would make it a residential property (right?).   From what I understand, if both units are rented out until September 2019, for example. I technically can't close the loan until September (when the lease is up and I can move in) since it's a residential loan.  I'm afraid that this might hurt my chances of closing the deal because the seller might want to close sooner.  Maybe i'm not understanding everything correctly but this is what i've been told.