If you make under ~79k, you can use a conventional loan and occupy a 3-4 unit property for 5% down.

I am using a conventional loan, not an FHA. 

Another option: you put down 15%, ask the seller to do owner financing for 10%, use conventional loan for remaining 75%.

Needs updating...not the issue right now.Would you buy House #2 with conventional mortgage? 

Conventional lenders allow you to put as little as 3% down on your primary residence and interest rates are very affordable right now.

It doesn't HAVE to be that way but you have a greater chance of finding good ones if they are smaller.Generally speaking there are 2 main types of loans for investors: “Conventional” and “Portfolio”Conventional - I'll define these as loans that come from Fannie Mae and Freddie Mac (if you recognize those names).

For conventional, that's slightly higher than average.

Freddy/Fannie conventional loans want to see those 2 years.

I purchased my current new construction home as a conventional first time buyer with 3.5% down 6 months ago.

If we decided to refinance our loan to a conventional mortgage, I assume we would have to pay about 30k to the bank as part of the process to increase our equity in the property to 20%.