Fha or conventional loan for rental property
I've got 15% to put down on a house in Mass but don't know where to go from here. Looking to rent out 2-3 bedroom and at least 2 bath home. Credit is good for both I think 714. Both come with mortgage insurance come to find out, so I guess what Im really asking is which has the lower insruance rate or rates in general? I need to make a decision! by vruka_milnos7343250 from Albany, New York. Nov 5th 2014
Dave Metsker (DaveMetsker)
#35 ranked lender in Oregon - 2,318 contributions
FHA only insures primary residences, so conventional is your only choice.
Brian Allen (ballen)
#43 ranked lender in Maryland - 193 contributions
Options to avoid mortgage insurance only come with conventional loans and FHA is only for owner occupied free free to give me a call to discuss your situation or contact me by email. toll free 800-485-1387 Ext. 116 or ballen@bankofengland1.com
Giovanni Aranda (GioAranda)
#916 ranked lender in California - 30 contributions
FHA is only for Primary Residence. Would have to go conventional.
Jericho Cherry (Jerichocherry)
#54 ranked lender in Virginia - 1,107 contributions
Conventional is your only choice because FHA is only for primary residence.
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions
FHA can only be used to purchase a primary residence.. in other words, you must live in the home for at least 12 months... For rentals, the only loan option is conventional.. There are lenders who will do it with just 15% down, but that loan becomes very expensive.. if you come up with an additional 10% for a total of 25%, you will get far better loan pricing and no mortgage insurance. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com
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