All Forum Posts by: Josh Fincher

I think I see what Elizabeth was talking about now.  the conventional 5% down is not for investment property it's for owner occupants and since I am planning on living in the property for a year anyway that wouldn't be a problem.  then once I reach 78% loan to value the pmi would fall off where if I had an fha loan I would still have to pay it.  in that case, a conventional 5% down does sound a lot better..

I definitely wouldn't be moving a couple hours away so your right that wouldn't work.  but what if I did fha 3.5% the second year and followed that up with another fha 3.5% the next year and do it that way.  could that work?

scott, I agree with you about needing 20% down.  I've heard a thing or two about conventional 5% down for an investment property but not much.  i don't know enough about it nor have I been able to find anything about it..

thanks Elizabeth,

I must disagree with you about usda being for first time home buyers only.  anybody can use it regardless of how many homes you've bought (at least in my area).  I'm not sure though if you can have more than 1 at the same time.  and yes, fha 3.5% was going to be my second option if I couldn't get usda, but I don't know much about the conventional 5% it sounds like that would be perfect for my situation (because then at least I wouldn't have to live in it for a year..  the wife hates moving).  what are the requirements for that and who does it?  or if you can send me a link so I can learn more about it.  once again thanks for the response..

hello,

I'm wanting to buy a 4 plex building using a usda loan and occupy it for a year then find another one and move into it, also, for a year and, also, with a usda loan.  rinse and repeat until I feel like I have enough cash flow to live comfortably and still save for other investments.  My problem is I'm not sure if it's legal.  I've looked everywhere and even downloaded a usda guideline booklet and cannot find anything about it except to say that you must occupy the building, but does not say for how long or if you can buy another property while already having one with usda.  can anyone please help me with this?  thanks..

thanks Jordan for the reply,

I know its risky but I figured that at the worst I should break even, and that's at the very worst, and I could still pay off everything and be back at square one.

I'm thinking about refinancing my house and using it as a down payment on a house flip as a conventional loan when I get my credit to where it needs to be(its at 628 right now, I think 640 is where it needs to be). Is this a good idea?

Someone is selling their house at about 20k to 30k less than other comparable homes in the neighborhood but they have a usda loan and are seeking payoff. He is trying to sell so he can buy his wifes childhood home. Is there a way to take over the loan with "sub to" terms. If so how and is it legal? This is my first property so any info is greatly appreciated.