House Hacking Realtor
Hello, I'm currently looking to purchase and live in a multifamily property in Raleigh and I'm looking for a Realtor with house hacking/investment property experience. I've also received the following from my loan officer and would prefer someone with experience with conforming loans vs FHA.
You can put as little as 3% down with a conforming loan (a loan backed by Fannie Mae or Freddie Mac). The reason I recommend this for you is:
1.With an FHA loan, you not only have monthly mortgage insurance, but you have an upfront mortgage insurance premium which is rolled into your loan amount which is 1.75% of the loan amount
2.With an FHA loan, your monthly mortgage insurance is the same whether your credit score is 620 or if it's 850. This is good if you have a lower credit score, bad if you have a high credit score as you're subsidizing the lower credit scores monthly mortgage insurance.
3.With a conforming loan, you do NOT have an upfront mortgage insurance premium.
4.With a conforming loan, the mortgage insurance is risk based, meaning the mortgage insurance companies price the mortgage insurance based on your credit score and down payment %. With your mid credit score, I would strongly recommend a conforming loan.
Please send me a direct message if interested!
Thank you!
Jason Chopin