5-10 Property Down Payment Requirement

[Josh Darley]

Hi all, I've am searching for information regarding my fifth mortgage and how much will be required for the down payment.  

A little back ground: I have 1 mortgage on my primary home and 3 more on investment properties. I was recently in escrow and about to close on my 5th property until the condo questionnaire came back and indicated that there are greater than 51% non-owner occupied so it is requiring me to put 25% down. This was not my initial plan (15% down) and changed the COC returns to the point I have backed out of it.

That being said, I was informed afterwards by a different lender that since it was my fifth mortgage, Fannie Mae (who I believe my usual lender underwrites to their standards) would require 25% down anyways.  From what I can find on the Fannie Mae website, this seems to be true.  Then I also read somewhere that Freddie Mac has different requirements, but I have been unable to verify this from their website.  Does anyone have any advice on making the minimum down payment towards their 5th, 6th, and 7th properties?  I believe I have enough capital to acquire 3-4 more properties but that will depend heavily on how much I have to put down. I have also heard a little about portfolio loans but wouldn't know where to start.  Any advice is appreciated.