Repeating a 5% Conventional Loan
Hey BP!
About to make my first investment in the 4-6 months and I'm already thinking about the next deal. I have about 37K saved and will need to utilize a low down payment loan program. Initially I was thinking FHA was the way to go, but after getting to know my market a little better, I am reconsidering, and thinking it may be better for the long run to go with a Conventional 5% down loan. This way my PMI drops off after 20% equity is built and it adds to my cash flow.
My question is, can I keep buying 5% down conventional properties, barring the lender gives me the loans? Or, must I have that 20% equity built, BEFORE reinvesting in another property with the same loan?
This is only my second post and I'm LOVING the feedback from all of you! Thank you so much for your valuable advice in advance!
-NB