Updated over 9 years ago on . Most recent reply
First Time Home Buyer
Hi All,
My wife and I are looking to buy a house in Long Beach, NY and we are first time home buyers. Our plan is to buy a 2 family house and use the house hacking method to get started as RE investors. Currently we have an accepted offer but still have not signed the contract yet (Hopefully this weekend). Once of the contigencies in the contract is to put down 10% (5% at signing and 5% down). We would like to pursue a loan between 3.5% - 5% down using an FHA loan. The only risk i see in going this route is if the bank inspector / appraiser does not want to provide lending due to dis-repair of the house. The inspection report came back with all systems in working condition but I was wondering if there was anything specific that FHA (HUD) inspectors look for. Any help with this would be appreciated.
Also I wanted to know if it was common to agree to 10% down in a contract and then later provide a commitment for a loan that shows only 3.5% - 5% down. Thank you in advance for anyone who can provide advice!
Best regards,
Bryan