Lender · Phoenix, AZ · Member since 2021 · 451 posts · 287 votes
4y
Yes, but you can always refinance to eliminate. If you have 20% to put down you may want to run the numbers on a conventional loan vs. an FHA loan and see which is better for your situation. Feel free to reach out if you want me to run numbers for you! -Kristen
Rental Property Investor · CT · Member since 2015 · 400 posts · 432 votes
4y
@Douglas Chasse wouldn’t be an fha loan with 20%. Go with the 3 or 5% conventional, paying MI which is cheaper and comes off once you hit 78% ltv. And PMI is on for the life of the Loan now, so you would have to sell or refi to get it off. And the guidelines are always changing so stay in touch with a good lender. For instance you have to do 15% down on conventional if you plan on house hacking a multi, or you are stuck with Fha for the purchase. Which is still worth it if the deal makes sense.
Investor · CT · Member since 2019 · 17 posts · 5 votes
4y
@Scott Hollister I’m plan on house hacking and fha is the only loan I know of that counts market rents into how much you can qualify for. I probably should have just went 25% down conventional . I just wanted to try and get into the house for as little as possible . Hopefully it all works and I can refi sooner than later .