FHA Down payment for Multi unit NYC

[Daniel Tineo]

Hello All,

I'm am currently in the process of making my first real estate investment in the NYC/NJ metropolitan area. I am in search for a 3 to 4 unit property. I have applied with multiple lenders and have been approved with all. But they all insist that I put down a minimum of 20%. Or stick with a 2 family property and pay only 3.5% down. My confusion is that an FHA loan only requires 3.5% down for up to a 4 unit property. Has there been any new changes that would deem this valid or am I just going to the wrong lenders? Any help and clarification would be appreciated.

Here is some of my basic info:

Going in as a first time home buyer

Credit score: 790

Income: 150k

Assets: 175k

Loan amount: 750k

Down payment: 50k