[Calc Review] Help me analyze this deal
8 Replies
Michael Fuller
Rental Property Investor from Philadelphia, Pennsylvania
posted 5 months ago
*This link comes directly from our calculators, based on information input by the member who posted.
Jason Leavitt
Rental Property Investor from Kaneohe, HI
replied 5 months ago
Only 3% down on a 5 unit?
Michael Fuller
Rental Property Investor from Philadelphia, Pennsylvania
replied 5 months ago
@Jason Leavitt do I get a 3% loan even if I'm doing FHA
Jason Leavitt
Rental Property Investor from Kaneohe, HI
replied 5 months ago
As I understand it you could potentially do FHA for owner-occupied up to a 4-unit property. A five unit would be commercial and conventionally needs 25% down.
Ryan Avila
Rental Property Investor from Napa, CA
replied 5 months ago
I don't see Mortgage Insurance listed anywhere, with an FHA loan MI will be a big expense.
Ryan S.
replied 5 months ago
No points on the loan? Or are you including that in closing costs?
Michael Fuller
Rental Property Investor from Philadelphia, Pennsylvania
replied 5 months ago
@Jason Leavitt I didn’t know that it was a limit to units for the fha loan @Ryan Avila ok how much do mortgage insurance usually cost @Ryan S. I added the points in the closing cost
Isaiah Ortiz-Hoyle
Rental Property Investor from San Diego, CA
replied 5 months ago
Has the property been renovated already?
Ryan Avila
Rental Property Investor from Napa, CA
replied 5 months ago
Originally posted by @Michael Fuller :@Jason Leavitt I didn’t know that it was a limit to units for the fha loan @Ryan Avila ok how much do mortgage insurance usually cost @Ryan S. I added the points in the closing cost
Michael, google FHA MIP, as well as FHA self-sufficiency test. You should easily find the info your looking for.