I have had 1-8 applicants out of 55 occupied units for each round of funding out of 55 occupied units.

There have been some violations from the county Fire Chief that need to be resolved by the seller and at this time all units are occupied.

@Brian Plajer so this is the home you occupy?

My lender recently quoted me 15% down and I saw rhat was the minimum DP on the Fannie Mae website (I believe).15% down is fannie’s minimum down payment for an Owner Occupied duplex.Non owner occupied are minimum 20-25% down everywhere. 

Rookie investor seeking advice: Owner occupied property, conventional loan, qualified for 3% DP, sounds like a great deal for starter home buyers with less cash, and allow for greater appreciation for house-hacking owners, but what are the catch 22?

They are used to helping buyers of owner-occupied homes make an emotional decision.

Multi-family owner-occupied home—I live in the bottom apartment.

i would probably start with a duplex. unsure if you are able to house hack or not as there may not be much of an incentive for owner occupied for commercial loan in your situation but would be worth looking into.

I could be off on this number so you would need to check with your loan officer, but I believe you must occupy the home 14 days or the equivalent of 10% of the days you will have it rented in order to qualify for a 2nd home loan. 

Banks will require that you have 1) 20% down payment(less if it is owner occupied)2) Closing Costs3) Several months of reserves