All Forum Posts by: Nicholas Williams

IF I WERE YOU,  If you are purchasing a first-time home, utilize Down Payment Assistance Grants, it will generally cover your closing costs. Outside of that, if you can go FHA @ 3.5% down, do it, otherwise if you make less than the median household income for the county, you may qualify for 3% down on a conventional loan.

USDA is property specific. You have to go onto the USDA website and see if the property is even eligible.   

LLC, do a Quit Claim Deed after the fact.

Happy to answer ANY questions you may have!!

Hi @Nicholas Williams, first thing's first, neither FHA nor USDA will allow you to close in an LLC.

FHA and USDA each have pros and cons. However, USDA loans are only for rural areas.

Since you are looking in Philadelphia, that area would not be eligible for USDA.

Therefore, an FHA loan or a 3% down conventional loan would be your best bet.

Hope this helps! Let me know if I can be of any assistance.

I used an FHA loan to buy my first property. Had a great experience with the process and the low down payment requirement allowed me to get my foot in the door. The biggest downside is the mortgage insurance, but that can be dropped down the road after a refinance.

I don't have experience with USDA loans other than that they have a tighter set of criteria compared to FHA. Are you buying in a rural area?

The LLC won't do you much good right off the bat. A lender isn't going to give you an FHA loan in the name of your LLC.