First Time Financing Help!

[Nicholas Krieg]

I really could use some helpful insight on my situation to move forward on my first deal. Here is my situation.

-Have yet to buy my first personal hone

-found an 2-unit investment property I’d like to buy

-trying to get the lowest down payment possible with best interest rate on approx. 100,000

Here’s my questions ~

Can I do a Conventional home loan with 5% down and somehow get away with no living in the property?

Would a FHA or conventional be better?

If I would do a conventional or FHA, would I have a time limit on being able to have another loan out in the future for a personal home?

[Stephanie P.]

Originally posted by @Nicholas Krieg:

@Stephanie P.

Thanks so much for your response! 

A couple follow up questions based on your response,

If I were to do an FHA, would I physically have to occupy the residence or technically could I use one of the units as my "residence" and still live at my apartment that I live in now ? The reason I don't want to owner occupy the property is because it's too far away from my job.

Would this same thing apply to a primary residence conventional?

If you took out an owner occupied loan without the intention of living there, that would be considered mortgage fraud. Fraud is fraud whether it's FHA or conventional. Like I posted earlier, there are reasons for the guidelines as they are for owner occupied and non-owner occupied.