FHA Loan or Conventional / Hard Money?

[Chris Lyons]

Hi all!

I am getting ready to buy my first multifamily property which I will be house hacking and living in! I got pre approved for an FHA loan, and I really want to finance with an FHA loan so that it is low money down and will have higher cash on cash return.

However I was told by my agent that with how competitive the market is, it is unlikely for an FHA loan to be accepted when there are so many other offers with conventional, cash, etc.. It was suggested that I try to get a hard money loan (25% down) so I can make a cash offer and then refinance or try to just do a conventional loan.

My question is: Is it better to stick with the FHA loan and just make really aggressive offers, or should I go for a higher down payment loan that is more likely to be accepted? Appreciate the help!