FHA or Conventional for first House Hack?

[Johnny Truong]

Hey Everyone,

I am fairly new to BP and so far everything looks pretty cool.  My question is, my wife and I are looking to make our first home hack property by end of year (multi family 2-4 units) and is looking to decide which loan would be best to use on a first purchase if we plan to purchase a 2nd property in 2-3 years after our first purchase.  

I know you can't carry two FHA's at once and most refinance their FHA to conventional and open another FHA.

If anyone could share their thoughts or ideas please let me know!

Thank you,

Johnny 

[Victor So]

@Johnny Truong

Hey Johnny,

Like you mentioned, most people just refinance to conventional and get another fha loan. For me, I once used a streamline refinance to get out of the fha cause my appraisal came in low. So that’s another option.

Hope this helps!

Victor