Short on money for FHA Downpayment
Peace to the forum. So my partner and I recently got pre-approved for 224k from a direct lender and he suggested that we get an FHA and put around 7k down on a property. The problem is we're short on the money. I asked if I could find another lender to cover some of the downpayment and the original lender denied this. What should I do? I could keep saving obviously but I want to see what my other options are to come up with the rest of the money. Any suggestions?
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If you can't afford the down payment of an FHA loan, you shouldn't be investing in real estate. That's not meant to be an insult, but it's an unfortunate truth that everything that can go wrong, will go wrong in the first year and that's the year that you will have the least amount of cash. Keep saving and don't buy the property until you have down payment PLUS a reasonable cash reserve for emergencies