Down payment on a small owner-occupied multi-family?

[Curran D Bishop]

I'm applying for a loan for a deal I'm under contract on: a 4 unit which will be my primary residence. I have had my local bank and a loan officer tell me because it's more than 2 units I have to put 25% down, but REI friends in the area, and another loan officer have told me that on anything under 5 units, if I'm owner-occupying, I should not need that much down. I'm in CT. I also own two SFHs in other states--neither is FHA or Vet. benefits, etc. Does anyone know why I have two different sources insisting on 25% down?

[Eric Veronica]

  @Curran D Bishop check out the Homepossible mortgage. You may qualify for a 5% down conventional loan if your annual income is below the area median income threshold or is the property is in a low income census tract (you may be surprised how many areas fall into this category).  I wrote a post about this program specific to The Cleveland market however the same idea applies in CT.  

https://www.biggerpockets.com/forums/731/topics/678742-house-hacking-2-4-units-in-cleveland-using-homepossible-mortgage