Updated over 4 years ago on . Most recent reply
Searching for First multi family unit
Hey BP member, my name is Gustavo I am 24 years old and I'm looking to buy my first multi family unit in the DFW area! I have 50k saved and ready to invest. I recently sold my primary residence which I had an FHA loan on. I plan on house hacking the multi family unit. Any advice if I should go with an FHA loan or go the Conventional route. I know it would be hard in the market trying to go FHA . Any thoughts?
TIA!
Most Popular Reply
#2 Starting Out Contributor
- Realtor
- Hanover Twp, PA
@Gustavo Zamora, you are correct that sometimes the terms of a deal (type of financing, seller assist, inspections, etc) can affect whether a seller accepts your offer or not.
FHA financing could affect whether your offer is accepted. If you prefer FHA financing, offer it, but also have the agent tell the seller's side that you CAN if necessary switch to conventional financing. This way, if the FHA appraisal cited repairs needed for the financing you could switch midstream to close the deal.
If the seller knows you have flexibility to close the deal you have a better chance I think.