All Forum Posts by: Brian Nordman

Jeff Dulla Yes. I can afford to do 20% down on a SFR but this deal is tough to pass on. An upscale duplex which would allow me to come away with two units if I'm able to go through FHA. Do you by chance have any lender connections in the Rockford, IL area?

@Max T. What does the F stand for to you?

@Jeff Dulla that is reassuring to hear that! I guess if they really want to sell it they won't turn anyone down even if it means a little extra work!

For anyone has purchased a property using FHA financing, in your experience are sellers still willing to work with you once they find out your financing is through FHA?

@Chris Gibbs wow that's interesting. How long did the whole process take start to finish going through FHA?

@Upen Patel Wow that's great news! I apologize for asking so many questions but say I chose to put down 5% to 10%..... what benefit would I get by going with the FHA loan rather than the conventional loan? I could be totally wrong but it seems like at that point it would make more sense to go with the conventional due to their being less restrictions.

@Upen Patel Thank you for that advice! If I have the ability to put down 10% would it make more sense to try to get an owner occupied conventional loan with only 10% down that way I don't have to go through FHA and the government? Or do not many banks offer a conventional with only 10% down?

@Shawn Devoid that's a very good point. My assumption would be that the reduction to my payment due to the MIP falling off would more than offset the increase in interest related to the payment, but that is no doubt something I hadn't considered yet. I appreciate that advice!

@Jeff Dulla Awesome thank you for that information! My plan is to put down somewhere between the 3.5% and 10% and use whatever cashflow I have left after year end to pay down the principal and speed up the process to reach the point that I can refinance. Would you agree with what was already said above that it's not terrible difficult to refinance out of the FHA?

@Account Closed - are all properties eligible to be financed under and FHA? When looking at listings I will see sometimes it will say "Not FHA eligible" and I'm just curious how this is determined. Does the seller determine that simply because they don't want to deal with the added hoops to jump through? And I've also read that FHA will have requirements as far as the quality of condition the property needs to be in. What are the main areas of the property that they will have said condition requirements on?