is a FHA Home Loan the best option for the first house I buy

[Brett O]

Can you only get a FHA Home Loan if you actually want to live in the property? Or could I get one if I plan to make the house a rental too?

Would this type of loan be my best option for the first house I buy? It would be awesome if I could get 100% financing! Because if I were to get a "regular" loan I would very likely have to put around 20% down correct?

I'm very new to this. If this makes a difference the house I'm looking at is listed at less than $30,000.

I want to use as much OPM as possible. Heck it would be nice to get a loan for 120% of the homes purchase price so I'd have some money to fix the place up.

What are your thoughts? Should I seek out a FHA Home Loan, or are there even better options?

Thanks guys!!