VA vs FHA

[Ross Ellington]

Good evening BP! I was wondering if any of you guys could weigh in on which would be the better loan to start off with. I'm wanting to do a residential multi fam, house hack for the one year owner occupy then move on to the next one. It'll be my first so i'm just for any adive you might have. Thanks in advance for your help!!

[George N.]

VA is 0 down, never done an FHA but requires something like 3.5 or 10% down. VA doesn't require PMI, however, there is a fat "VA funding fee" of like 2%. So when you look at it, it almost evens out with PMI by the time you pay enough down to get out of PMI. You can roll the funding fee into loan though.

You can use the VA loan multiple times, it's a lifetime benefit, it's just that you can only have one at a time.