Getting prepared for my future

[Gavin Kitzi]

Hello everybody, I really need help. I have big plans for 2020 to buy my first rental property! A duplex to house hack using the FHA loan to be exact. But for some reason I can't seem to fully understand the ins and outs of the FHA loan. Through all my research I still don't understand it. Please bare with me I know there is tons of info about it but I just can't seem to figure it out. Is it really as good as it seems? 3-3.5% down for first time home buyers. I mean I am so excited to look for duplexs and run the numbers and see it works and then I get stumped cause I don't understand the loan I'm planning to use to buy it. I know about the mortgage insurance but what about the actual mortgage if I'm putting 3-3.5% down is the mortgage going to be through the roof or what am I not realizing here? Is the FHA loan really a smart idea? Should I or should I not use it? Please help me understand it. I live in south Florida so my market isn't outrageous. I appreciate every answer so thank you ahead of time to everybody.