FHA or Conventional for daughter's Condo and Tax Benefits

[Charles Mullins]

Hi everyone, looking for some guidance as  I'm brand new and only have read the free book with many more to read and learn.

We are in process of looking aggressively for a condo for my daughter as she is attending college soon. The question I have is I'm not sure what would be better as far as FHA with my daughter living there 1-2/3/4 years with the 2nd unit rented to another college student. Would it be better to go down FHA route or conventional or FHA immediately and then switch to conventional later? I read or heard one one of the pod cast FHA is great for house hack and then switch to conventional and recoup some money back and repeat. Finally are the tax benefits the same for both options? Any issues or advantage one has over the other? I know FHA is lower down payment and possibly lower interest, but not 100% for sure. I need to check that out soon. Any guidance or advice is appreciated. Thank you

[Alex Deacon]

@Charles Mullins That does make a difference since you are so close. I think you can buy this in her name but she would need to qualify for the loan or you would need to co sign. Check with your mortgage professional and also your CPA on how to structure it. Good Luck