PMI, FHA Loans and the 20% Down Payment Question

[Evan Gorczynski]

I am looking to house hack a single family home for my first house. I hear a lot in this community about always putting the bare minimum down. This conflicts with what I have always believed as a long time Dave Ramsey follower. How are other house hackers factoring in the fres associated with an FHA loan or PMI? For some extra context, a family member has offered to give me a zero interest loan in order to put down 20%. I am also in a high cost of living area (RTP NC) Thanks!

[Kevin Zolea]

@Evan Gorczynski I'd suggest checking around for a conventional loan that offers a lower PMI than FHA. I used HomePossible for my first house hack and the PMI rate was lower than FHA with no upfront MIP.