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Updated about 7 years ago on 06/25/2018. Most recent reply

42
Posts: 12
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Tyree EtheridgePoster

Orlando

Virginia Beach Real Estate Forum

House Hack Financing

Tyree EtheridgePoster

Orlando

Posted June 21, 2018 09:45

Happy Thursday,

I'm in the process of getting myself ready to purchase my first investment property in VB; however, I am unsure if I should go with an fha loan or a conventional loan. Coming up with 20% down on a 220k duplex is a little difficult; however, the pmi and premium that an fha loan requires could end up costing me more in the long run. I welcome any and all advice.

Virginia Beach, Virginia

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Real Estate Consultant
New Jersey

Vaughn Smith

Real Estate Consultant
New Jersey

Replied June 24, 2018 13:57

@Tyree Etheridge you may want to look into a conventional loan with 5% down. If you qualify you'll still have to pay PMI, but unlike with a 401k loan the PMI falls off when you have crossed the 20-25% equity mark

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