house hacking + mortgage requirements

[Sang Nguyen]

Hey gang!

I'm curious if someone can shed some light for me. I recently talked to a lender (Wells Fargo) and told them that I was looking to buy a multifamily, live in 1 unit, and rent out the others. They told me that a 3 or 4 unit will require at least 20% down. They also said that I needed 6 or 7 months of PITI, even though I'll be living in it. Did I tell them the wrong thing?

The reason for this post is because, if I'm buying a property, and I can easily afford to mortgage, why is the PITI requirement even a thing?

[Andrew Hogan]

@Marcos Paulo Cerra is right. You should be able to get it for 3.5% with an FHA or similar package.

Perhaps a keyword to mention next time is "

"owner-occupied financing" and mention that it isn't strictly for investing but also to live in (at least for a year).