Massachusetts FHA or Mass Housing loans and fees included

[Ruslan Laranjo]

Hi everyone. I'm looking into what is in my market for housing, and quite frankly it's quite expensive. I know the markets well from areas such as Medford/Malden to Waltham/Watertown where i live now. I set a goal to purchase a property sometime next year after January.

I'd like to make an entrance with my wife using either the FHA loan or the MA housing loan. I'm leaning towards a 3-4 unit building with 2br/1b nearby a university. My question is, is it worth entering in this market? The 4 unit buildings range from 500k-1million, I'm staying around the 500k mark however.

I will buy separately under my name, and in the future we will buy another property under my wife's name. 

Also what fees should i be aware of? Is it worth getting a real estate license and using myself as an agent? I know of the 3.5-5% down, and that the PMI won't come off unless I refi. For the other loan however apparently i can get rid of the insurance after 5 years.

What other fees should i be aware of? Anyone with FHA experience can chime in?

Thank you