Multi Unit Acquisition

[Griffin Carson]

I am looking to purchase my first property within the next 1-2 years. Preferably a 4 unit but wouldn't be opposed to a double.

I want to fund this through FHA as I plan to house hack and rent the other 3 units.

I have narrowed it down to either an FHA 203K Full, FHA HUD REO w/repair, or USDA Repair Escrow.

I'm interested to hear your experiences with these loans and any possible pros and cons to the loan you used.

[Jerry Padilla]

@Griffin Carson

I am not too far from you in Rochester, NY!

FHA is great for a low down payment option, but can have some higher costs. There is an upfront mortgage insurance as well as an annual mortgage insurance and the mortgage insurance stays on for the life of the loan.

Once you have built up 80% equity, you can consider refinancing to conventional to eliminate mortgage insurance.