Jared, Fannie Mae is rolling out 5% conventional loans for owner-occupied 2-4 unit properties.

Fannie mae allows up to 10 mortgages.

Elva,Portfolio loans don't follow strict underwriting rules like Fannie Mae or Freddie Mac rules.

One is Fannie Mae (B neighborhood) and the other is in a C neighborhood.I haven't yet mentioned these two properties to my agent - I did find them on my own.

However just after the 1st of next year, it is widely expected that Fannie Mae and Freddie Mac will lower their max.

Hi all, we're Molly and Susie Branson and we're investors in the DC area, but currently expanding into the Lynchburg market. 

You may want to look into a Fannie Mae Home Renovation loan.

If you have enough to do 5% down I'd recommend you look into the Fannie Mae Homestyle renovation loan vs the FHA 203k (which is 3.5% down).Sometimes you can get around a rehab loan completely (People over-estimate what minimum property requirements are necessary to finance a home) but the concern would then be how do you plan to finance the rehab?

A renovation loan, google Fannie Mae Homestyle, would have been perfect it sounds like. 

Rehab loans are super easy to come by, and there are 4 main types:FHA 203kFannie Mae HomestyleFreddie Mac CHOICERenovationVA Renovation The federal gov't has 2 databases of lenders with the most experience with rehab loans.