Type Of Loan

3 Replies

I need some advice on which type of loan i should do, i already have a conventional 30yr investing loan with a duplex with occupants in it, I myself am looking to "house hack" buy a home for myself to live in, should i get a fha loan or a convention loan which is more beneficial to me? why?

any advice would much be appreciated

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Originally posted by @Zach Chavez :

Thanks Chris! When is a good scenario to use the FHA then?

If SFR and goal is to minimize down payment, 5% down Fannie is doable.

If duplex, 15% down fannie.

If 3-4 unit, 20% down freddie.

Anything less than 25% down on a multi-unit is going to significantly impact your interest rate pricing. 

If you don't need rental income to fix your DTI, FHA is viable. There are narrow exceptions where FHA would allow you to use departing residence rental income, get tight with your LO that knows your full scenario.