Conventional loan rules

[Account Closed]

I'm looking at FHA vs conventional loans. I currently have enough money to buy a property, but I'd like to avoid paying higher interest rates or fees etc. I'd like to move into a duplex or a SFH. I'm curious if I could buy one of these properties with 5 percent down on a conventional loan and how long I'd have to live in the property with a conventional loan before renting? Any input is greatly appreciated.

[Upen Patel]

@Account Closed Here would be your options:

* 1st time home buyer - 5% down conventional loan (there can be restriction on income and/or location), will have PMI until 80% LTV
* 15% down conventional - will have PMI until 80% LTV
* 20% down conventional
* 3.5% down FHA - 1.75% upfront funding fee, will have PMI for life of loan
* 10% down FHA - 1.75% upfront funding fee, will have PMI for 11 yrs