FHA Loans Vs Mortgage

[Bryan Pham]

I am a first time home buyer and was wondering what is the pro and cons of using a FHA loan vs a standard mortgage for my first home purchase. Any thoughts and feedback would be greatly appreciated.

And does anyone have any suggestions for a FHA Loan in the Austin, TX area?

[Account Closed]

Bryan Pham Congrats at looking at your first home purchase! A big thing for you to consider is whether this will be an investment property for you or not. With an FHA, you will have to occupy the property as your primary residence for at least one year. Therefore, with an FHA, you limit your options as far as renting immediately, etc. You could always try to refinance from FHA to conventional once you get enough equity (20-25%) in the home. The lower down payment with the FHA does make it very attractive though!

Best of luck Bryan!