Answers by Anthony & Alex Gulley

I would check with your favorite lender on this one. But you are exactly right PMI stays with a FHA loan for the life of the loan. Conventional financing gives you the most flexibility. Also keep in mind you can always refinance out of a fha loan down the road. FHA often offers the best interest rate and lower payments.

I think if you're considering a fixer-upper, you need to consider what type of loan you have. I think a cosmetic remodel such as paint, flooring, and minor repairs would be okay. Conventional financing or small bank type financing gives you the most flexibility. I like fixer uppers but it does come with risk and sweat equity if funds. I bought my first home this way and renovated every room one by one over 5 years. Now we have over $100,000 in instant equity.