Conventional vs FHA mortgage

[Endo Na]

First time buying a home and looking to purchase a 4 unit multi-family owner occupied building. My plan is to live in it for a year do repairs then purchase another and do the same.

I have enough for 20% down but weighing options if I should go for a FHA loan and have spare money for another multi-family purchase.

I'm very new to all of this and was hoping for some guidance.

[David M.]

@Endo E.

Like @Elise Marquette said, it's a residential property so you shouldn't have to deal with commercial lending terms and rates. Like I said, if you for some reason held Title in a legal entity like a LLC then you'd have to go with commercial lending.

For residential, generally the conventional loan is your only long term option when you don’t occupy it.  Investment conventional loans are genrrallly about 1% higher.

Good luck