All Forum Posts by: Austin Spitzenberger

@Elise Marquette Thank you for the reply. That is kind of what I thought and also explains the higher interest rate on the loan. It really comes down to the numbers. But I guess my follow up question is what happens to the second mortgage after the three years? Even if they make it up and then some on a higher interest rate, am I still liable to pay this second mortgage say 15 years down the road if I decide to sell?

@Forrest Faulconer Thanks for the response Forrest!

@Forrest Faulconer Thanks for the reply Forrest. Correct I believe that I would have to refi out of the FHA once the LTV hit 78% into a conventional and then I could use the FHA again. But yes thats good to know, I am leaning towards conventional for my first loan to be safe knowing that I can use the FHA loan later for my next purchase.

@Miller McSwain Thanks for the reply Miller. Correct the PMI is okay with me due to my goal of using low money down. UFPMI of the FHA is a little discouraging (even if it can be rolled into the loan). I just want to make sure that I use these in the right order so that I can qualify for the second mortgage. Probably need to get with my lender.

Good morning BP friends. I am currently looking to use an owner occupied loan to purchase a small multifamily (two-four plex). I have qualified for both 3.5% FHA and 5% conventional. I am aware of the benefits of each and understand how the loans differ. Here is my question.

When choosing between FHA and conventional lending, which one is easier to get lending on the second time around? I have read conflicting posts about which order you can do them in and if the order in which you do them is possible or not based on loan requirements. Which owner occupied loan should I use first and why?

Any help would be appreciated! Thanks

Good morning BP friends. I am currently looking to use an owner occupied loan to purchase a small multifamily (two-four plex). I have qualified for both 3.5% FHA and 5% conventional. I am aware of the benefits of each and understand how the loans differ. Here is my question.

For FHA. I am being told that the closing costs can be wrapped into a second mortgage in Texas via "first time home buyers assistance program" that is forgiven after a 3 year period. What does "forgiven" really mean? Can someone please explain?

Thanks in advance!

Denny, did you ever get an answer to this? My question is the same. I am trying to figure out whether I should use the 5% conventional first or the FHA first and if the order in which I use these makes a difference. I have read that once you have any loan in your name the 5% conventional is no longer an option. Can anyone confirm?

I am a new investor in Houston looking to expand my circle. Looking for knowledgable people in the RE industry to help me develop my long term portfolio (brokers, lenders, contractors, etc). I am looking to house hack on a two through fourplex for my first investment. I have been pre approved and have begun hunting for deals for when the right one presents itself. I would love to make some new investor friendly connections. Preferably investors themselves. Meet up groups, zoom calls, or whatever I am all ears. Just trying to build a strong network. Let's chat.

@Jordan Moorhead I have only reached out to one at the moment that said I can get pre approved after my first 30 days at the company. However, now that I am a little more optimistic that I can go ahead and get the ball rolling I will be contacting more. 

Looking to obtain an FHA loan to househack a two through fourplex in Houston. I qualify in all of the categories except one. There are two one month gaps in my employment history over the last 5 years where I was forced to relocate. Now I'm back home in Houston for the long haul. Every career move was a higher salary than the previous. I start my new job next week after about a month of being unemployed. I have read that two years of employment history is necessary, also six months at the new position is necessary, and also that it does not matter as long as each position had increased income (which it has). Slightly confused. Does anyone have any insight on how long I need to wait to get pre approved? I am seeing a lot of inconsistency online with my research on FHA guidelines.

Austin