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Updated over 7 years ago on . Most recent reply

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Mark Benevento
  • Investor
  • Philadelphia, PA
8
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First time FHA Loan help!

Mark Benevento
  • Investor
  • Philadelphia, PA
Posted
Hey! I am a 20 year old currently own a triplex looking for an FHA Loan. Don't have too much income because I'm a student. Does anyone have any advice or certain banks? Thank you!!

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Lynn McGeein
  • Real Estate Agent
  • Virginia Beach, VA
1,556
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Lynn McGeein
  • Real Estate Agent
  • Virginia Beach, VA
Replied

Just wanted to add that FHA loans are fairly expensive these days and the mortgage insurance stays on there for the life of the loan. There are 3% down conventional products as well, and Movement Mortgage currently has a 3% grant (never needs to be paid back, apparently) on a conventional product if you are below a certain income threshold, so may be worth contacting them. I do not work for them and have no family that does, just thought I'd pass the name on as I have spoken to them about this and advertise their MAP program in my listings when they are in that price point.

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