Shopping around for mortgages

[Madison Heck]

Hey all,

My business partner and I put down our first offer on a property! It is a 2 unit, 5 bed 3 bath.

The lender I was working with told me that we will need to put 25% down rather than 20% since it is a multi-unit property and not a single family.

Should I shop around with other lenders to see if they will allow me a lower down payment for a comparable rate?

This is probably the bottom of the totem pole as far as creative financing goes, but wanted to ask in this forum anyway.

Thanks!

[Raymond J. Rodrigues]

@Madison Heck good morning. If you are seeking conventional financing, a multi-family being purchased as an investment property will always be 25% down.

 I hope this helps.