All Forum Posts by: Ryan Gardner

Quote from @Ryan Muska:

Your lender should have informed you that if you are planning on living in the property as a primary address, you do NOT need to put down 20% for a conventional. You can do as little as 3% for a conventional. Also, I would recommend the Conventional if you can qualify for it. That will save you a plethora of closing costs.

Yes they had told me a little as 15% for a duplex that I planned on living in. A far ways off from 3%, but still better than 20%. I have great credit I’m wondering why I didn’t get offered to put down 3%.

There's a new  duplex listing coming soon on Zillow and it already has racked up a ton of Saves. This would be my first property and it is in my ideal neighborhood, where i know It can cashflow if rented at the comps. I'm prepared to offer 25K over asking, due to the fact that a property similar to this one but in a less desirable area went for 25k over just 2 weeks ago. 

I have an agent and will ask for her help when putting together an offer. I'm pre approved for both the FHA & conventional loan.

Should i stick with an FHA loan, but look less desirable to the seller? Or should I go the conventional route and put down 20%?

I'm worried that in order to compete in this market for a property like this I'll have to waive inspections, or mortgage.