Conventional or FHA loan

[Pawnce Philip]

Hey! Can someone help me figure out what is better for me? The FHA loan or the conventional? If I opt for the FHA loan, I'll have 54.5k cash to invest in something else... but pay $578 more a month on my mortgage. I understand that it'll take 7.8 years until the $578/month finally catches up to 54.5k cash but is the opportunity cost better to have the 54.k available for investment now?

How soon after taking an FHA loan can your refinance and at what cost?

[Jim D.]

Ask him to see if you qualify for the HomePossible conventional loan. Many lenders do not know about this loan but once you tell them to look it up they can get you approved for it. 5% down for 2-4 unit properties that are owner occupied in one unit. I have used it twice and have had many clients use it to buy duplexes.

http://www.freddiemac.com/homepossible/