Using a FHA Loan PROS & CONS

[Jamier Hughes]

Hello BP Friends!

My name is Jamier Hughes. I'm from the Philadelphia area, and i was looking to get started with my first real estate project. So I've recently been looking at a few duplexes and triplexes, and was thinking about using a FHA loan. I just wanted to know if anyone can give me some advice, and also the PROS and CONS about the FHA loans.

[Harjeet Bhatti]

@Jamier Hughes FHA is good product:- lower down payment, lower MI in case FICO is lower compare to conventional loan and Lower interest rate even though lower credit score compare to conventional.

With lower down payment you can't cancel MI and UFMIP fee.

There is another option for Home Possible with 5% down payment  if you haven't own any property .