Financing My First Deal

[Marcus Barrios]

Hello,

I'm a military member brand new to real estate. My question is regarding financing a deal. I'm considering utilizing an FHA 203k loan to purchase a single-family home for a house hack. Any suggestions or personal experiences for the FHA 203k loan?

[Jason Wray]

Marcus,

If you are a Military member you should use a VA construction loan which offers 100% financing as well as a VA renovation loan which also offers 100% financing. Unless you used your VA entitlement but if you have your DD 214 your certificate of eligibility is much better than FHA 203K.

Plus with VA you avoid the UFMIP and the MIP monthly.

If you ever have any questions feel free to reach out, I am always happy to help and to talk REI.