First time buyer with 80k cash budget. Portfolio loan or no?

[Ryan Austin]

Talked with local lender recommended by my broker. Preliminary chat he shared the following numbers:

30% down required

5-6% 7 year fixed then adjustable

Not sure if I should try sticking with initial plan of a portfolio loan (to diversify risk in multiple properties)

Or

Do conventional mortgage for 20% down and lower interest rate

[Kelly Skeval]

@Ryan Austin I'm a huge fan of using local lenders and portfolio loans.  Personally, I've found their products to be better than the large banks in our area.  That said, our local lenders only require 20% down and have extremely competitive interest rates. Are there other local lenders you can chat with? You should absolutely shop around, I've found that the loan products that banks and credit unions will offer vary so much! At the end of your search you should choose whatever product is a better fit for your particular situation. Keeping more cash in your pocket (to further invest with) and lower mortgage payments as stated by @Jaysen Medhurst is usually the goal too!