Using an FHA loan to buy a multi-family property in CT

[Daniel North II]

Hi, My name is Daniel, I am very eager to learn about my options when it comes to buying a multi-family rental property with an FHA backed loan. I pretty much get the gist of it but I would liken to know more specifically how and what is involved. I am in Manchester, CT, so if you have experience with this process or are familiar with my area then please let me know.I have the intention of living on the property at first and having the tenant pay the mortgage but would like to eventually leave and rent my unit out to generate some positive cash flow. I would like to learn as much as possible about the pro's and con's as well as my best options. Thank you for reading.

[Shawn Mcenteer]

@daniel 

@Daniel North IIundefined is you only option FHA? There are low money down owner occupied conventional mortgages that may work in you favor. With FHA you may have PMI that will not go away unless you refi it out once you generated enough equity in property. FHA is what works best for you it comes down to the numbers, you can make it work even with the PMI.