Can I get a 5% down Arm Loan?
My partner and I have been researching real estate for a couple years now and are ready to take the first step towards financial freedom. We are looking to use either an FHA loan or an ARM to buy a single family home, that we intend to house hack, and BRRR. We are leaning towards an ARM loan because we do not intend to hold the property for more than 5 years and we believe that the terms are more favorable to our situation than an FHA loan. We specifically like the fact that with an ARM we do not have to live in the property for a year like an FHA loan requires. Our main inquiry is: How common is it to get an ARM with 5% down (or something very close to that)? Also people who have experience with ARM loans, what are some common pitfalls, and things to watch out for?
Please post any and all information you think would be helpful!
Best,
Eli