Updated almost 8 years ago on . Most recent reply
First deal financing with average credit score
Hi Bpers looking for advice on how to finance my first deal. My credit score is sitting right around 605 and not sure if its smart to get a conventional mortgage or use private money to finance. Which route do you think is best and what percentage would I have to put down? Thanks for the help.
Most Popular Reply
Why not do a multi-family FHA loan? The required credit score is below 600 I believe and your down payment is only 3.5-5.0%. You can live in one unit and rent out the other unit. The only caveat is you MUST live in that unit for a year before you can start trying to move out. This is what we call House-hacking here on BiggerPockets.
Hope this helps. Oh and you can ask almost any lender for that type of loan. They differ slightly from lender to lender, so its good to shop around.