Trying to buy a multi family home I have 40k-60k try fha loan

2 Replies

@Nima Sherpa I am not familiar with your area but the first thing that I recommend is talking to a few lenders to determine what loans you'll qualify for and for how much. The biggest advantage of using FHA is to have low money down (3.5%). For example I am currently buying a duplex for $175k and with FHA I only need $6100 of a down payment. On the downside I will have to pay mortgage insurance. If your down payment can cover a higher percentage you may be able to get a loan with better terms if you search around. Not trying to deter just giving information. If your market is much more expensive or if you have credit reasons to use FHA then you may still want to use FHA.

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