85% LTV Lenders for Owner-Occupied 4-Unit

[Sam Malik]

Hi all –

I'm in contract on a 4-unit for $970k, in an A+ area. I plan to owner-occupy it, and I'm trying to see if there's any way to finance this with less than 20% down.

I've looked into FHA, but this won't work because it doesn't pass the "self sufficiency" test – i.e., with a purchase price this high, rates in the 6-7's, there's no way that 3 out of the 4 units' rents, with the FHA vacancy rate (I think like 15-25%!!!) applied, will cover 100% of the monthly PITI... it's just not possible.

So I'm trying to see if there's any lenders the BP community may know of that lend nationwide and offer favorable (85%+ LTV) products for owner-occupied multi-family properties? I'm in Columbus, but happy to use a lender anywhere as long as they're licensed here.

Thanks a lot,

Sam