FHA vs. Conventional
Good Morning BP!
I wanted to get some thoughts on FHA vs. Conventional loans. I recently put an offer in on a duplex in Lakewood, Ohio. I was pre-approved for FHA and when I received feedback from the listing agent, the main sticking point was the FHA financing. I know I was going up against an all cash buyer which didn't help my cause at all but I am wondering if FHA is going to be a continuous issue when I am putting in offers for a multi-family property. I have my walk away number for each property I analyze but it seems like to be competitive with that type of financing, you need to go WAY above the listing price which to a point, just does not make sense. But as a first property, I am really trying to get in the real estate game.
I know the market for multi-family properties more competitive with investors but is a 5% conventional that much more appealing to sellers than FHA?
I'd love to hear everyone's thoughts!