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Updated over 9 years ago on . Most recent reply

Account Closed's profile image
Account Closed's profile image
Account Closed
  • Investor
  • from Baltimore, Maryland
  • Member since May 24, 2015
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Account Closed's profile image
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Account Closed
  • Investor
  • from Baltimore, Maryland
  • Member since May 24, 2015
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Account Closed
  • Investor
  • Baltimore, MD
38
Votes |
123
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General Real Estate Investing

FHA Loan Or Conventional Bank Loan?

Account Closed
  • Investor
  • Baltimore, MD
Posted

Would it be best for my first deal to be though a FHA Loan Or with a Conventional Bank Loan? I know with a FHA Loan I would have to live in the property for a certain amount of time, plus the Down payment is lower 3.5% I believe. I don't know the full details with FHA loans. Any Suggestions?

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Ryan Dossey's profile image
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Ryan Dossey
  • Real Estate Broker
  • from Indianapolis, IN
  • Member since Apr 29, 2014
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Ryan Dossey's profile image
Ryan Dossey's profile image
Ryan Dossey
  • Real Estate Broker
  • from Indianapolis, IN
  • Member since Apr 29, 2014
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Ryan Dossey
  • Real Estate Broker
  • Indianapolis, IN
2,425
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Ryan Dossey
  • Real Estate Broker
  • Indianapolis, IN
Replied

PMI does NOT drop off on FHA anymore. It's on for the life of the loan unless you refinance out of it. Just a heads up. Mine is like 75 a month extra.

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