Getting Low Down Payment Conv Loan on Owner Occupied Triplex

[Davey King]

I’m searching to see if anyone know of any lenders (nationally or in CA) that are currently offer Low Down Payments (5-10%) for a Conventional Loan on a Triplex?

Here’s my situation: I’m currently renting one unit in a triplex that is about to be listed for sale by the landlord. I want to buy it from him off market and I had a couple lenders tell me I could qualify for a multiplex of the asking with a 5% down Conv. Loan but then when it came time for an official pre-approval letter, then went to their underwriters and found due to new COVID restrictions, they don’t offer any low down Conv. Loans on multiplexes currently.

They told me I could use a 3.5% down FHA Loan, but apparently because I live here, I have to live here for more than 6 months due to Vested Interest (was told it used to be 3 months but now it's 6 due to COVID). I have only been here for about 4 months and the property is nearly ready to be listed so the Landlord doesn't want to wait an additional two months to list it just for us to reach the 6 months and qualify. The landlord has shown a willingness to work with us and has said if it's still on the market by then, he would love to sell to us. I don't blame him since there's so much uncertainty in the world but I would like to find a low down payment loan that I can qualify for without waiting that long and risking someone else buying it.

Can anyone help? It’s in Sacramento, CA in case that’s relevant.