Trying to purchase my first property
Hello!
I am trying to purchase my first property with not a lot of money down. It is a 1bedroom 1 bathroom condo in a fantastic area. I want to know if I should use my FHA loan? How good are USDA loans? I am in need of some guidance :)
Ps: I also have an LLC with my own tax id.
Most Popular Reply
I used an FHA loan to buy my first property. Had a great experience with the process and the low down payment requirement allowed me to get my foot in the door. The biggest downside is the mortgage insurance, but that can be dropped down the road after a refinance.
I don't have experience with USDA loans other than that they have a tighter set of criteria compared to FHA. Are you buying in a rural area?
The LLC won't do you much good right off the bat. A lender isn't going to give you an FHA loan in the name of your LLC.