Commercial loan required?

[Tanner Johnson]

So this whole time I have been under the impression that you can get conventional mortgages on rental properties without occupying them yourself, I already own two houses but they were paid for in cash so this will be my first time borrowing but I spoke to my banker and he said that if you do not plan to live in the residence 60 days after closing that they must me financed as a commercial loan, he said this is not a bank policy, but a Fannie may or something like that, I would really light some insight on this because I am new to the world of lending and 5% down and lower rates sounds way better than 20%, thanks