Should I get FHA or conventional loan

I’m trying to buy a multi-unit property where one of the units will be my primary residence.

The property is around $490k. I can only put down $20k. I have more money saved, but I will need to use it to rehab the property. So I was looking into FHA loans since I heard that people can get loans with only 3.5% down. The idea was to avoid PMI.

But a lender said that I would have to pay mortgage insurance no mater what with FHA. And it would be throughout the life of the loan no matter if I hit the 20% equity.

Are there any kinds of loans where I can avoid mortgage insurance? Or am I too naïve thinking that?
I’m a first time home buyer with 800 credit score.

submitted by /u/thentangler
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I’m trying to buy a multi-unit property where one of the units will be my primary residence. The property is around $490k. I can only put down $20k. I have more money saved, but I will need to use it to rehab the property. So I was looking into FHA loans since I heard that people can get loans with only 3.5% down. The idea was to avoid PMI. But a lender said that I would have to pay mortgage insurance no mater what with FHA. And it would be throughout the life of the loan no matter if I hit the 20% equity. Are there any kinds of loans where I can avoid mortgage insurance? Or am I too naïve thinking that? I’m a first time home buyer with 800 credit score. submitted by /u/thentangler [link] [comments]

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