Hi everyone. I'm looking into what is in my market for housing, and quite frankly it's quite expensive. I know the markets well from areas such as Medford/Malden to Waltham/Watertown where i live now. I set a goal to purchase a property sometime next year after January.
I'd like to make an entrance with my wife using either the FHA loan or the MA housing loan. I'm leaning towards a 3-4 unit building with 2br/1b nearby a university. My question is, is it worth entering in this market? The 4 unit buildings range from 500k-1million, I'm staying around the 500k mark however.
I will buy separately under my name, and in the future we will buy another property under my wife's name.
Also what fees should i be aware of? Is it worth getting a real estate license and using myself as an agent? I know of the 3.5-5% down, and that the PMI won't come off unless I refi. For the other loan however apparently i can get rid of the insurance after 5 years.
What other fees should i be aware of? Anyone with FHA experience can chime in?
Is it worth entering into this market where the cost is so high? The rents range anywhere from 1000-1300 for 1 br, 2 br would be closer to 1600-1800
If you can qualify for a Mass housing they do have a option with no MI. The current rate is around 4.3-4.4.
The best part about the Mass Housing loan with no MI is you're only looking at $5000 in closing costs in your range.
The mass housing loan with MI requires about $9-10000 but gets you a lower interest rate.
*disclaimer: always varies, this what I have seen with my buyers.
As are is if it's worth it or not, that's an interesting question.
The big plus is in our area, vacancy rates are very low.
4- 1 bed units at 1000/month with you and your wife in one of the units should enable you to live "free" or close to it which is certainly respectable .
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