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Updated about 8 years ago on . Most recent reply
Financing: FHA vs Conventional loans
hey guys. I'm a first time investor looking to purchase a small multifamily unit and eventually purchase more. I've been doing a bunch of reading and research, but one particular question comes to mind which is crucial to getting started. I don't have that much money and want to get started ASAP. Should I go with some type of FHA loan since my credit is good and would only have to put 3.5% down, or save up for the down payment on a conventional loan?
Most Popular Reply
Originally posted by @Eric Matson:
hey guys. I'm a first time investor looking to purchase a small multifamily unit and eventually purchase more. I've been doing a bunch of reading and research, but one particular question comes to mind which is crucial to getting started. I don't have that much money and want to get started ASAP. Should I go with some type of FHA loan since my credit is good and would only have to put 3.5% down, or save up for the down payment on a conventional loan?
If you wish to stick to the low down payment traditional financing programs, it'll require owner occupancy.
Reminder, only 1 FHA loan at a time for 99% of scenarios.