FHA Loan v Partnering on a Conventional Loan (House Hacking)
Hey BP, it has been a little while since posting on the forms, anyway its late so I'll keep it short and sweet.
In 2 years or less I will be putting a DP on a duplex, triplex, or quadplex and more than likely be living in the house as well. Essentially house hacking it. Yes I realize it is easier said than done, but I continue to learn and research everyday. Anyway, when the time comes, what would be a better move in your opinion?
3.5% FHA Loan and take the PMI which I really feel strongly against, however if the opportunity is there, and I can get a good deal under my name alone, I may take the good with the bad and lock in a low interest rate while they're still available.
Or would it be more ideal to really save cash, avoid the PMI, partner with someone, essentially someone who I would share a unit with. And share the name on the note. It could be helpful to have someone to do this with, however I find it quite rare, finding people my age (18) who even give the slightest f about what I love to study... lol.
Thanks guys, have a great night. Assume the prop. is somewhere between the $150k-$250k range.