Fha loan (first time rental home buyer)

[Daniel Kevin Lara]

I am looking to finally get into the real estate rental game and want to find a decent home with minimal work needed to make it look more modern so i can start using the house hacking strategy. 🏡 🔑💸

so my question is:

When applying for a loan do you go straight through the bank you you been banking with or can i go to other banks and apply? Or what other ways can igo about this? Thanks in advance 😊

[Brandon Rush]

Hey Daniel,

Great to hear you are ready to house hack. I have done two house hacks so far, one with an FHA loan. You could go to your normal bank to apply but I would recommend you find a smaller lender who is able to work with your personally. If there is an investor FB group in your area, I would post that you are a first time homebuyer looking for a lender to pre-approve you for an FHA loan and ask if anyone has recommendations. A good lender should be able to tell you what to expect for an FHA loan and its requirements.

One tip I have is to go to local credit unions or local small banks in your area and ask if they have any special low down payment programs for first time homeowners. Many will have non-fha programs that offer 5-10% down payment options. The benefit of going this route is the loan will be much less expensive than the FHA loan in the future and many allow you to get rid of the PMI after you reach 20% LTV on your property.

Good luck on your search and let me know if you have any questions.