Updated almost 6 years ago on . Most recent reply
FHA Loan house hack
I am looking at a 4 bedroom home in a great area that can be easily converted to a duplex. I plan to live in the home, rent my other room and the other half of the house. I do not have enough cash to put down 20%. I currently have commercial real estate but this will be my first residential purchase. Have any of you used FHA Loans for your first purchase to avoid the down payment? What was your experience? I have been given advice personally not to utilize this kind of loan but if the property cash flows does it matter?
Thank you!
Most Popular Reply
I am house hacking right now using a conventional loan, I only put down 3.5% and the rest required was rolled into the loan. With good enough credit and a lender that knows what they are doing it can be done. I am also paying less PMI as I would an FHA loan, and ill be able to get rid of it once the place is fixed up.
Something to look into, let me know if you have any questions!