Episode 14: First-time Home Buyers: Conventional Loans, FHA and Multifamily Titelbild

Episode 14: First-time Home Buyers: Conventional Loans, FHA and Multifamily

Episode 14: First-time Home Buyers: Conventional Loans, FHA and Multifamily

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 We discuss the differences between conventional and FHA loans for first-time homebuyers. We'll go over the pros and cons of each loan type and explain how you can use an FHA loan to buy a multifamily property. Section 1: Conventional Loans Pros of Conventional Loans: Lower interest rates No mortgage insurance once you reach 20% equity Can be used for primary residences, second homes, or investment properties Cons of Conventional Loans: Higher credit score requirements Larger down payment required Stricter debt-to-income ratio requirements Section 2: FHA Loans Pros of FHA Loans: Lower down payment requirements Lower credit score requirements More flexible debt-to-income ratio requirements Cons of FHA Loans: Mortgage insurance required for the life of the loan Higher interest rates than conventional loans Limited to primary residences only Section 3: Using an FHA Loan to Buy a Multifamily Property Pros of Using an FHA Loan to Buy a Multifamily Property: Lower down payment requirements Ability to use rental income to help pay mortgage Can be a great way to start building your real estate portfolio Cons of Using an FHA Loan to Buy a Multifamily Property: Must live in one of the units as your primary residence More complicated process than a traditional FHA loan Limited to properties with up to 4 units My contact info and links: https://linktr.ee/glennricerealtor
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