First time FHA loan questions and advice

[Michael Morris]

Hi,

I am looking to move into an owner occupied duplex with an FHA loan. I know you can put only 3.5% down but my first question question is if I have enough saved up for 25-30% down will I have to put a higher amount down? Second, If I can only put 3.5% down should I? Ideally what I am looking to do is put 10-15% down, ill still have more than enough for repairs/updates, plus enough leftover for saving for a downpayment after a year of owner occupancy. My thinking is why put only 3.5% down and have all that extra money sitting in my savings account earning a measly return for a year when I can put 10-15%, make repairs/improvements, and have enough leftover that after my savings/earnings of a year of owner occupied I will easily have enough for another purchase. I'm I missing something/not seeing the benefits? Is it better to do the 3.5% down and have the extra capital sitting in savings for a year?

Hope this all makes sense. I'm new to this and am trying to put it all together. All and any advice is much appreciated!

Thanks!

[Michael Morris]

@Dan Mackin Sorry, I didn't mean putting more than 3.5% down would earn me more money I was thinking would it be better to put higher % down to have higher initial equity instead of have it in my savings. This would be my second purchase but the other is purely investment not owner occupied so I'm not sure if that would affect my qualifications for the above mentioned loans. I will look into those loans. Thanks for the help!