Loan question any idea

[Emily Capozzi]

I want to get a FHA loan or 203k loan but I already have a house with my significant other. What would be the best loan for someone starting off?

[Kristen L Garner]

Quote from @Emily Capozzi:

My living situation is different than normal i live with my bfs parents and do not pay rent or for living expenses.Quote from @Kristen L Garner:

Hi Emily! What type of loan was your current house purchased with and how long have you occupied it? Do you plan to move into your next property purchase or is it strictly investment, non-owner occupied?

If you do not own your current residence there is no issue with you using a FHA loan to purchase your next property as long as you plan to occupy it. FHA rates are great, down payment requirement is only 3.5%, good for up to 4 unit properties, and 75% of projected rental income counts towards qualifying you during underwriting.

You can also use conventional products which would require the following down payments: 1 unit primary residence - 5% , 2 unit primary residence - 15% , 3-4 unit primary residence - 20% , 1 unit non-owner occupied - 15% , 2-4 unit non-owner occupied - 25%. 75% of projected rental income also counts towards your qualifying income when using conventional loan products.

If you cannot qualify for FHA or conventional due to DTI, tax write offs, self employment, or recent job change there are always non QM products like DSCR (only works on investment properties - you qualify on the asset, not your income) or Bank Statement Loans (ideal for self employed with great income but too many write offs on taxes - works for investment or owner occupied).