Starting with low money down

[Jacob Northfield]

Hi all! Thanks so much for hosting this forum. I'm new to investing and am just scratching the surface but there are so many great resources here that I'm optimistic I can do well and I'm excited to learn as much as possible. 

I'm in Monroe County (Rochester), NY and there is an organization here that offers assistance loans for down payment and closing costs up to $40k. This loan would have the same rate as my primary mortgage, which today is above 7%. I'm unaware of how to afford a purchase right without this loan as I don't qualify for grants and I don't have enough for closing costs otherwise. So, the question is, do I take a risk and borrow the money for my first house hack now or do I slow down and find a partner who can assist where I don't have the cash? I feel like both options have pros and cons so I'm trying to learn what I can to inform this decision. Any thoughts are appreciated!